Aarey Drugs warrant conversion disclosures posted on BSE on October 5, 2026, showed promoter Nimit Rajesh Ghatalia's holding reaching 16.50 lakh shares, or 5.18%, following an allotment dated September 30, 2026. The submission covers equity allotments to members of the promoter and promoter group through conversion of warrants.

The letter, dated October 3, was signed by Nimit Rajesh Ghatalia on behalf of the promoters and promoter group. It was addressed to BSE, the National Stock Exchange and Aarey Drugs & Pharmaceuticals Ltd under Regulation 29(2), read with Regulation 29(3), of the SEBI Substantial Acquisition of Shares and Takeovers Regulations, 2011.

The detailed schedules record an initial conversion involving 23.70 lakh equity shares, followed by another 1.50 lakh shares allotted to Nimit. His holding moves from 11.50 lakh shares before the first disclosed acquisition to 15 lakh shares, and subsequently to 16.50 lakh shares.

Promoter holdings after allotment

The covering letter lists warrant conversions across seven promoter and promoter-group holders. Its final holdings include:

  • Bina Rajesh Ghatalia: 45,03,584 shares, representing 14.13%.
  • Mihir Rajesh Ghatalia: 31,80,888 shares, representing 9.98%.
  • Nimit Rajesh Ghatalia: 16,50,000 shares, representing 5.18%.
  • Mira Mihir Ghatalia: 9,40,000 shares, representing 2.95%.
  • Ekta Nimit Ghatalia: 5,00,000 shares, representing 1.57%.
  • Mihir Rajesh Ghatalia (HUF): 2,45,000 shares, representing 0.77%.
  • Rajesh Pranlal Ghatalia: 1,82,971 shares, representing 0.57%.

The final detailed schedule also lists Nimit Impex Private Limited with 20.10 lakh equity shares, or 6.31%. It identifies allotment pursuant to conversion of warrants as the acquisition method.

Capital figures and disclosure discrepancies

The final schedule states that equity capital increased from 3,07,24,303 to 3,18,74,303 shares of Rs 10 each. Fully diluted capital is stated at 3,33,54,303 shares.

However, the supplied disclosure contains internal discrepancies. The capital increase in that schedule exceeds the 1.50 lakh-share acquisition detailed for Nimit. Its remaining-warrant rows list four holdings of 3.45 lakh each, while the total row states 15.30 lakh warrants. Aggregate equity totals also differ from the sum of individual holdings. The supplied material does not reconcile these differences.