Drone Destination Limited Forfeits Warrant Conversion Amounts
Drone Destination Limited announced that it will forfeit amounts received from warrant holders who did not exercise their conversion options. The decision follows the expiration of an 18-month conversion period for 600,000 warrants.In September 2024, the company received in-principle approval and subsequently allotted 700,000 convertible warrants at a price of ₹ 187 per warrant, totaling ₹ 13,09,00,000. Each warrant provided holders the right to convert into one equity share with a premium of ₹ 177.
As of March 20, 2026, 100,000 warrants were converted into equity shares from two allottees, generating ₹ 1,40,25,000. Subsequently, the remaining 600,000 warrants were not converted, triggering forfeiture as per Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018.
The forfeited amount, calculated at ₹ 46.75 per warrant (25% of the initial warrant price), totals ₹ 2,80,50,000. A breakdown of the forfeited amounts per allottee is presented below:
| S No. | Name of Allottee | No. of Warrant | Forfeited Amount ( ₹ 46.75 per warrant) |
|---|---|---|---|
| 1 | Mohit Agarwal | 2,00,000 | ₹ 93,50,000 |
| 2 | Founders Collective Fund | 2,00,000 | ₹ 93,50,000 |
| 3 | Prabhudas Liladhar Advisory Services Private Limited | 1,20,000 | ₹ 56,10,000 |
| 4 | LRSD Securities Private Limited | 50,000 | ₹ 23,37,500 |
| 5 | Vineet Jain | 18,000 | ₹ 8,41,500 |
| 6 | Himanshu Kumar | 12,000 | ₹ 5,61,000 |
| TOTAL | 6,00,000 | ₹ 2,80,50,000 |
The forfeiture of these amounts aligns with the provisions outlined in Regulation 169(3) of Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The announcement was made by Chirag Sharma, Managing Director, on March 23, 2026, in New Delhi.
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.