Esha Media Research allots 52.5 lakh shares on conversion

Esha Media Research Limited allotted 52.5 lakh equity shares on November 4, 2026, after Wealthwave Capital Fund and Parijata Trading Pvt Ltd converted all their warrants and paid Rs 5.90625 crore in balance consideration. The allotment raised paid-up equity shares from 88.0693 lakh to 1.405693 crore, with no warrants remaining for either holder.

How many Esha Media Research warrants were converted?

Esha Media Research converted all 52.5 lakh warrants submitted for exercise by Wealthwave Capital Fund and Parijata Trading Pvt Ltd, with each warrant becoming one fully paid-up equity share with a face value of Rs 10. The board approved the conversion at its November 4, 2026 meeting after receiving the balance consideration from the warrant holders.

Wealthwave Capital Fund converted 30 lakh warrants, while Parijata Trading Pvt Ltd converted 22.5 lakh warrants. Both allottees were classified as non-promoters in the board outcome, which recorded nil warrants pending for conversion for each holder after the allotment.

Esha Media Research said the conversion was made under the Companies Act, 2013 and the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018. The 52.5 lakh newly allotted shares will rank pari-passu, meaning equally in all respects, with the existing equity shares.

How did Esha Media Research share capital change?

Esha Media Research’s issued, subscribed and paid-up equity share capital increased by Rs 5.25 crore, from Rs 8.80693 crore to Rs 14.05693 crore. The change matches the allotment of 52.5 lakh new shares at the disclosed face value of Rs 10 each.

The paid-up share count rose from 88.0693 lakh shares to 1.405693 crore shares, an increase of 52.5 lakh shares. This was a conversion of warrants into equity rather than a fresh warrant allotment at the November 4 board meeting, with the disclosed Rs 5.90625 crore being the 75% balance payment required on exercise.

Esha Media Research reported one equity share for every converted warrant. The 52.5 lakh-share increase therefore comprises 30 lakh shares issued to Wealthwave Capital Fund and 22.5 lakh shares issued to Parijata Trading Pvt Ltd.

What cash did Esha Media Research receive on conversion?

Esha Media Research received Rs 5.90625 crore from the two holders, including Rs 3.375 crore from Wealthwave Capital Fund and Rs 2.53125 crore from Parijata Trading Pvt Ltd. These payments represented 75% of the issue price per warrant, as set out in the conversion table.

The financial-results notes state that convertible warrants issued during the quarter ended September 30, 2026 carried an issue price of Rs 15 per warrant. Holders paid Rs 3.75 per warrant, or 25%, upfront at allotment, while the remaining Rs 11.25 per warrant, or 75%, was payable when the conversion option was exercised.

At the disclosed Rs 11.25 balance amount per warrant, Wealthwave Capital Fund’s payment corresponds to 30 lakh warrants and Parijata Trading Pvt Ltd’s payment corresponds to 22.5 lakh warrants. Esha Media Research said the balance was to be paid within 18 months from the warrant allotment date under the issue terms.

What is the wider warrant issue disclosed by Esha Media Research?

Esha Media Research reported issuing 2.39 crore convertible warrants on a preferential basis during the quarter ended September 30, 2026. This comprised 70 lakh warrants to persons in the current promoter category and 1.69 crore warrants to the non-promoter category, with every warrant convertible into one equity share.

The 52.5 lakh warrants converted on November 4 were held by two non-promoter allottees and formed part of the warrants described in the company’s disclosures. The board outcome establishes that the two named holders have no warrants pending, but it does not state the outstanding warrant balance across other promoter or non-promoter holders.

Esha Media Research also reported a preferential allotment of 10 lakh fully paid-up equity shares to persons in the current promoter category at Rs 15 per share during the September 2026 quarter. Its cash-flow statement reported Rs 9.3185 crore in net proceeds from the issue of shares and warrants, net of issue expenses, for the half year ended September 30, 2026.

What other decisions did the Esha Media Research board make?

Esha Media Research approved a proposed name change to Emergent Media Research Labs Limited, or another name approved by the Registrar of Companies and competent authorities. The proposal remains subject to shareholder approval and other statutory and regulatory approvals, so the company has not reported a completed name change.

At the November 4, 2026 meeting, Esha Media Research approved Shreya Agrawal’s appointment as chief executive officer and Brijmohan Pooranmal Agarwal’s appointment as an additional independent director. The board also noted Rachna Oshan Ghatalia’s resignation as company secretary and compliance officer, effective November 4, and appointed Gauri Pushkar Khire to both positions from that date.

Esha Media Research further approved shifting its registered office within Mumbai, from Ghatkopar East to Andheri East. The board meeting began at 1:30 p.m. and concluded at 4:15 p.m., according to the disclosure made under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Conclusion

The November 4 conversion brought Rs 5.90625 crore of balance consideration into Esha Media Research and expanded its paid-up equity by 52.5 lakh shares to 1.405693 crore shares. Wealthwave Capital Fund and Parijata Trading Pvt Ltd exercised all their disclosed warrants, and the resulting shares rank equally with existing equity shares.

Next, investors can watch whether other warrants from the 2.39 crore preferential issue are exercised within the disclosed 18-month conversion period. Esha Media Research also said its proposed name change requires shareholder and regulatory approvals, while its September 30, 2026 results disclosed ongoing regularisation of past compliance matters and an interest-free unsecured loan liability of Rs 98.50 lakh.