The Trident Lifeline preferential issue proposal received board approval on October 5, 2026, according to the company's BSE filing. The board approved issuing equity shares to non-promoter investors and fully convertible warrants to promoter, promoter-group and public investors at Rs 336.60 each, subject to shareholder approval.

The proposed preferential allotment will be undertaken on a private placement basis for cash consideration. The filing lists 33 proposed investors across the equity and warrant components.

  • 12,22,200 equity shares, with a face value of Rs 10 each, are proposed for non-promoter investors for an aggregate consideration of Rs 41,13,92,520.
  • Up to 5,00,400 fully convertible warrants are proposed for promoter, promoter-group and non-promoter investors for an aggregate consideration of up to Rs 16,84,34,640.

The issue price includes a premium of Rs 326.60 per equity share or warrant. The warrant proposal is also subject to applicable regulatory approvals, as required.

Warrant terms and proposed ownership changes

Each warrant can convert into one fully paid-up equity share. Holders may exercise the warrants in one or more tranches within 18 months from allotment. They must pay 25% of the warrant issue price at subscription and allotment, with the remaining 75% payable upon exercise.

The filing projects promoter and promoter-group ownership at 56.35%, compared with 62.46% before the preferential issue. Public ownership is projected at 43.65%, against 37.54% previously.

These projections assume full subscription and conversion of the proposed warrants and also account for 5,36,400 outstanding warrants alongside the current share and warrant issue. They represent a fully diluted scenario rather than completed allotments; actual ownership would change if subscriptions or allotments differ.

Shareholders to vote on October 27

The board scheduled an extraordinary general meeting for October 27, 2026, through video conferencing or other audio-visual means to seek member approval.

It also approved inserting a provision in Article 7 of the Articles of Association covering warrants and other redeemable or convertible securities. The amendment requires member approval and provides for general-meeting sanction for securities carrying equity allotment or conversion rights.

NSDL was appointed the remote e-voting agency, while practising company secretary CS Mehul Amareliya was appointed scrutinizer for remote e-voting and voting at the meeting.