T T Limited Announces Lapse and Forfeiture of 8,00,000 Convertible Warrants Issued to Non-Promoters
T T Limited has confirmed the lapse and subsequent forfeiture of all 8,00,000 convertible warrants that were previously issued to non-promoter category holders. The company reported that these warrants expired on June 15, 2026, after warrant holders failed to subscribe for the balance amount as stipulated in the terms of issue.The issuance related to a preferential allotment where T T Limited approved 8,00,000 convertible warrants at an issue price of ₹122/- per warrant (including a face value of ₹10/- each). The total amount aggregating to this allotment was reported as ₹97,600,000 /- (₹9.76 Crore).
As per the terms of the issuance, 25% of the issue price was received upfront by the company at the time of allotment. The remaining 75% balance was payable upon the exercise of the warrants within a period of 18 months from the date of allotment. Since the requisite balance consideration was not received from warrant holders within this timeframe, all outstanding warrants lapsed on June 15, 2026.
Effective from June 16, 2026, the upfront subscription amount corresponding to these warrants stands forfeited. This forfeited amount totals ₹2,44,00,000/- (₹2.44 Crore).
Following the lapse of the convertible warrants, warrant holders have ceased all rights or entitlement to convert them into equity shares of T T Limited. The company stated that there will be no change in its paid-up share capital resulting from this event. The amount forfeited has been retained by T T Limited and accounted for according to applicable accounting standards.
The details regarding the issuance and forfeiture are summarized below:
| Particulars | Details |
|---|---|
| Type of Securities | Convertible Warrants |
| Issuance Type | Preferential Allotment |
| Total Number of Warrants Originally Allotted | 8,00,000 |
| Issue Price Per Warrant | ₹122/- |
| Date of Allotment | December 16, 2024 |
| Tenure | 18 Months (up to June 15, 2026) |
| Number of Warrants Lapsed | 8,00,000 |
| Amount Forfeited | ₹2,44,00,000 |
The forfeiture was among the warrant holders listed in Table I. The details specifying the warrants allotted and lapsed to various entities are as follows:
| S. No. | Name of Warrants Holder | Number of Warrants Allotted / Lapsed | Amount Forfeited (₹) |
|---|---|---|---|
| 1. | VASM Consultants Private Limited | 2,00,000 | 61,00,000 |
| 2. | Subhash Phootarmal Rathod | 6,00,000 | 1,83,00,000 |
TTL Stock Price Movement
As of 11:14 AM, shares of T T Limited trade steady at ₹6.80, holding their previous closing level in live market trading. The equity has seen volume reaching 47,870 and has fluctuated within a tight intraday range between a low of ₹6.77 and a high of ₹6.92.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.
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