Unconverted Dhansafal Finserve warrants totalling 3,69,20,000 lapsed with effect from October 2, 2026, the company said in a BSE filing dated October 2. The disclosure lists Rs 3,97,81,300 as the amount forfeited after holders failed to exercise their conversion rights within the stipulated period.

The final date for exercising the conversion option was October 1, 2026. The company said the lapse and forfeiture would leave its paid-up equity share capital unchanged while reducing potential dilution from the unconverted warrants.

The filing concerns BSE scrip code 512048. Although the exchange headline categorised the disclosure under conversion of securities, the company's intimation specifically addressed the forfeiture of convertible warrants.

Conversion window closes after 18 months

Dhansafal Finserve had allotted 8,66,20,000 convertible share warrants on April 2, 2025, through a preferential issue for cash. Each warrant carried a face value of Re 1 and an issue price of Rs 4.31, with conversion into an equivalent number of equity shares.

Warrant holders had 18 months from allotment to exercise their conversion option under Regulation 162(1) of the SEBI ICDR Regulations, 2018. The company said it had converted 4,97,00,000 warrants into equity shares after receiving the balance 75% consideration.

The remaining warrants were not converted before the deadline. Consequently, the related conversion entitlement expired, and the amounts paid towards those warrants stood forfeited under Regulation 169(3) of the SEBI ICDR Regulations.

Promoter and non-promoter allottee details

The annexure lists 17 allottees with lapsed warrants, including one promoter entity and 16 non-promoter allottees. Among the disclosed entries:

  • Luharuka Exports Private Limited, classified as a promoter, converted 3,42,30,000 of its 4,40,00,000 warrants. Its remaining 97,70,000 warrants lapsed, with Rs 1,05,27,175 forfeited.
  • Arkfin Investment and Advisors Pvt Limited, a non-promoter, did not convert any of its 1,05,00,000 warrants. The filing lists forfeiture of Rs 1,13,13,750 against these warrants.
  • Ayan Shakir Sheikh converted 50,000 warrants, while Nandini Kunwar Sisodiya converted 2,80,000. Their remaining 7,60,000 and 3,00,000 warrants, respectively, lapsed.

The company explicitly stated that paid-up equity share capital would not change as a result of this lapse and forfeiture.