Emiac Technologies proposes Rs 29.962975 crore warrant issue

EMIAC TECHNOLOGIES LIMITED proposed on November 12, 2026 to issue up to 32.75 lakh convertible warrants at Rs 91.49 each, seeking shareholder approval for a maximum Rs 29.962975 crore preferential issue. The proposal names six investors, comprising one promoter and five non-promoter allottees, and is scheduled for consideration at a December 9, 2026 extraordinary general meeting.

What has Emiac Technologies proposed to shareholders?

Emiac Technologies has proposed a preferential issue of up to 32.75 lakh fully convertible warrants, each priced at Rs 91.49, for aggregate maximum consideration of Rs 29.962975 crore. Its board approved the proposal on November 12, 2026 after taking on record a registered valuer's report dated November 11, 2026.

Each warrant gives its holder the right to subscribe to one fully paid-up equity share of Emiac Technologies with a face value of Rs 10. If all 32.75 lakh warrants are exercised, the instruments would convert into or be exchanged for 32.75 lakh equity shares, subject to the terms of the issue.

The proposed issuance is a preferential allotment on a private-placement basis under the Companies Act, 2013 and the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018. The proposal requires shareholder approval at the extraordinary general meeting, as well as any other applicable regulatory approvals, before the warrants can be allotted.

Who are the proposed Emiac Technologies warrant allottees?

Emiac Technologies proposes to issue the 32.75 lakh warrants to six investors, with promoter Dushyant Gandotra proposed to receive 5 lakh warrants and the other five allottees classified as non-promoters. Raman Talwar HUF has the largest proposed allocation at 12.50 lakh warrants, equal to 38.17% of the proposed issue based on the disclosed total.

At the issue price of Rs 91.49, Raman Talwar HUF's proposed allocation has a maximum value of Rs 1.143625 crore. ACME Finvest Pvt. Ltd.'s proposed 7 lakh warrants have a maximum value of Rs 64.043 lakh, making it the second-largest allocation by warrant count.

Dushyant Gandotra and Prudential Investments would each receive 5 lakh warrants valued at Rs 45.745 lakh at the stated price. Crown Crest Finserv Pvt. Ltd.'s proposed 2.25 lakh warrants equate to Rs 20.58525 lakh, while Labdhi Investments' proposed 1 lakh warrants equate to Rs 9.149 lakh.

How will Emiac Technologies warrants be paid and converted?

Emiac Technologies requires holders to pay 25% of the Rs 91.49 warrant issue price when they subscribe and are allotted warrants, with the remaining 75% payable when they exercise them. If the full 32.75 lakh warrants are allotted, the initial 25% payment would equal Rs 7.49074375 crore and the exercise balance would equal Rs 22.47223125 crore.

Each warrant may be exercised in one or more tranches during the 18 months beginning on its allotment date. The November 12, 2026 board approval therefore does not itself result in the issue of 32.75 lakh equity shares, because the equity shares arise when warrant holders exercise their conversion or exchange rights.

If a holder does not exercise a warrant within the 18-month period, the unexercised warrant will lapse. Emiac Technologies said that the consideration already paid for such unexercised warrants will be forfeited, linking the 25% subscription payment to the conversion deadline.

How could full conversion change Emiac Technologies holdings?

Emiac Technologies stated that its post-allotment shareholding figures assume every proposed warrant is fully converted. On that basis, Dushyant Gandotra's holding would rise from 900 shares, or 0.01%, to 5,00,900 shares, or 3.23%.

Raman Talwar HUF and Labdhi Investments had no pre-preferential allotment shares disclosed in the filing. Following assumed full conversion, Raman Talwar HUF would hold 12.50 lakh shares, or 8.06%, while Labdhi Investments would hold 1 lakh shares, or 0.64%.

Prudential Investments would hold 5 lakh shares, or 3.22%, after assumed conversion, while ACME Finvest Pvt. Ltd. would hold 7 lakh shares, or 4.51%. Crown Crest Finserv Pvt. Ltd. would rise from 3,600 shares, or 0.03%, to 2,28,600 shares, or 1.47%.

The six individual post-conversion percentages disclosed by Emiac Technologies add to 21.13%, although these percentages are presented separately in the filing. The company did not disclose a consolidated pre- and post-issue ownership percentage for all existing shareholders, and its table expressly assumes complete conversion of the warrants.

What do Emiac Technologies' latest half-year results show?

Emiac Technologies reported revenue from operations of Rs 29.9083 crore for the half year ended September 30, 2026, compared with Rs 14.1231 crore for the half year ended September 30, 2025. Total income increased to Rs 30.0444 crore from Rs 14.4879 crore over the same two reported half-year periods.

Profit before tax was Rs 4.0248 crore in the September 2026 half year, compared with Rs 6.0675 crore a year earlier. Profit after tax declined to Rs 3.0211 crore from Rs 4.5477 crore, despite the increase in revenue from operations.

Employee benefit expenses increased to Rs 141.18 lakh in the half year ended September 30, 2026 from Rs 64.07 lakh a year earlier. Advertising and marketing expenses were Rs 12.8866 crore, while other expenses were Rs 11.3726 crore in the September 2026 half year.

The September 2026 standalone financial results were unaudited and accompanied by a limited review report dated November 12, 2026. The statutory auditor said nothing had come to its attention that caused it to believe the results had not made the required disclosures or contained a material misstatement.

Conclusion

Emiac Technologies has put forward a maximum Rs 29.962975 crore warrant issue at Rs 91.49 per warrant, split among six proposed allottees. The issue would initially bring in 25% of the warrant price on allotment, while the remaining 75% depends on warrant holders exercising their rights within 18 months.

The next disclosed event is the extraordinary general meeting at 4:00 p.m. Indian Standard Time on December 9, 2026, to be held through video conferencing or other audio-visual means. Shareholder approval is required for the preferential issue, and the subsequent allotment and exercise of warrants will determine the eventual share issuance and proceeds collected.