Flywings Simulator Training Centre proposes Rs 73.2 crore issue

On November 5, 2026, Flywings Simulator Training Centre Limited proposed a Rs 73.20012 crore cash preferential issue of up to 29,87,760 fully convertible warrants at Rs 245 each, subject to shareholder approval at its November 27 extraordinary general meeting. The allocation includes 10,20,409 warrants for promoter Rupal Sanjay Mandavia.

What did Flywings Simulator Training Centre's board approve?

Flywings Simulator Training Centre approved a proposal to issue up to 29,87,760 fully convertible warrants on a preferential basis at Rs 245 per warrant. The board took the decision on November 5, 2026, and the maximum proposed cash consideration is Rs 73.20012 crore.

The proposed transaction is not a completed allotment because it requires shareholder approval. Flywings Simulator Training Centre has called an extraordinary general meeting, or EGM, for November 27, 2026, to seek approval for the warrant issue and connected matters, 22 days after the board meeting.

The board meeting started at 3:30 PM and concluded at 6:30 PM on November 5. Flywings Simulator Training Centre said the Rs 245 warrant price was determined under Chapter V of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018, along with applicable Companies Act, 2013 provisions.

Who would receive Flywings Simulator Training Centre warrants?

Flywings Simulator Training Centre named nine proposed allottees: one promoter and eight public-category investors. Rupal Sanjay Mandavia, identified as a promoter and the managing director who signed the November 5 disclosure, is proposed to receive up to 10,20,409 warrants.

The eight public-category recipients are proposed to receive a combined 19,67,351 warrants, compared with 10,20,409 for the promoter-category recipient. RAV Investments (through its Partners) has the largest proposed public-category allocation at 8,16,327 warrants, while Shinohub Growth Ventures LLP has the smallest at 12,245.

Ramnath Chandar Patil and Nitin Bhagirath Shanbhag are each proposed to receive 3,55,103 warrants. Their equal allocations exceed those proposed for LC Ventures Debt Fund at 1,63,266 and Wallfort Diversified Fund at 1,22,449, but are below RAV Investments' 8,16,327 warrants.

How do Flywings Simulator Training Centre warrants work?

Each Flywings Simulator Training Centre warrant would carry the right to subscribe to one equity share with a face value of Rs 10. If all 29,87,760 warrants are exercised, they would correspond to up to 29,87,760 equity shares.

The Rs 245 issue price applies to every proposed warrant, while the disclosed face value of each underlying equity share is Rs 10. The filing describes the instruments as fully convertible warrants, meaning equity shares would be issued on exercise rather than being allotted as shares under the November 5 proposal.

Flywings Simulator Training Centre did not disclose a proceeds-deployment plan, conversion timetable, exercise-payment schedule or current share price in its November 5 announcement. It also did not provide post-conversion shareholding percentages or existing share capital, so the filing does not permit calculation of dilution from the maximum 29,87,760 possible shares.

The annexure states that Flywings Simulator Training Centre will disclose conversion of the securities or lapse of the instrument tenure “as and when required.” The Rs 73.20012 crore amount is therefore the maximum consideration for the proposed 29,87,760 warrants, rather than cash reported as received on November 5.

When will Flywings Simulator Training Centre seek approval?

Flywings Simulator Training Centre will seek shareholder approval at an EGM scheduled for Friday, November 27, 2026. The company disclosed the EGM in its November 5 board-meeting outcome filed with the National Stock Exchange of India, where its symbol is FWSTC.

The proposed issuance is classified as a preferential issue, and the stated consideration is cash. The nine proposed recipients comprise Rupal Sanjay Mandavia in the promoter category and eight named investors in the public category, together accounting for all 29,87,760 warrants.

Flywings Simulator Training Centre cited Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and a SEBI master circular dated January 30, 2026. The disclosed process has two identified steps: board approval on November 5 and the scheduled shareholder vote on November 27.

Conclusion

Flywings Simulator Training Centre has proposed a maximum Rs 73.20012 crore cash raise through 29,87,760 fully convertible warrants priced at Rs 245 each. The proposed allocation gives 10,20,409 warrants to promoter Rupal Sanjay Mandavia and 19,67,351 warrants to eight public-category investors.

The next disclosed event is the November 27, 2026 EGM, where shareholders will consider the preferential issue. Flywings Simulator Training Centre has not disclosed a use of proceeds, conversion timetable, post-conversion ownership or the number of warrants that will ultimately be exercised, while stating that conversion or tenure-lapse information will be provided when required.