Nakoda has Rs 18.27 crore payable on 87 lakh warrants

Nakoda Group of Industries Limited received Rs 6.09 crore upfront from 87 lakh warrants allotted in July 2026, leaving Rs 18.27 crore payable if holders exercise conversion rights. Nakoda set the balance at Rs 21 per warrant and said the conversion option may be exercised on or before January 3, 2028.

What were Nakoda's July warrant terms?

Nakoda issued 87 lakh warrants at Rs 28 each, creating a total potential issue value of Rs 24.36 crore. The Rs 28 issue price included a securities premium of Rs 18 per warrant, according to the note accompanying its unaudited financial results for the quarter and six months ended September 30, 2026.

The warrants were allotted in two July 2026 tranches: 35 lakh on July 2 and 52 lakh on July 14. The filing does not name the warrant holders, specify the proposed use of the proceeds or identify a warrant-funded business activity. It says Nakoda manufactures and trades dry fruits, tutti frutti, soft drinks, carbonated beverages and other agro commodities.

Nakoda required an initial payment of 25% of the Rs 28 issue price, or Rs 7 per warrant. It received Rs 2.45 crore for the July 2 allotment and Rs 3.64 crore for the July 14 allotment, totalling Rs 6.09 crore. The six-month cash-flow statement also records Rs 6.09 crore as proceeds from the fresh issue of share warrants.

How much of Nakoda's warrant price remains payable?

Nakoda has Rs 18.27 crore remaining payable under the warrants, equal to 75% of their Rs 24.36 crore aggregate issue value. The balance is Rs 21 per warrant across all 87 lakh warrants. The filing says holders must pay it upon exercise of the conversion option and allotment of equity shares.

The full Rs 24.36 crore was not reported as cash proceeds in the supplied cash-flow statement for the six months ended September 30, 2026. Only the Rs 6.09 crore initial collection was reported as proceeds from share warrants. The Rs 18.27 crore balance is conditional on conversion by holders, so the filing does not establish that the entire amount will be collected.

The potential later payment is three times the initial Rs 6.09 crore collected at allotment. Nakoda said basic and diluted earnings per share for both the September 2026 quarter and six-month period took account of the warrant issue where applicable. The filing does not say whether any warrants had converted by September 30, 2026.

When can holders convert Nakoda warrants?

Nakoda says holders may exercise the conversion option within 18 months from allotment, on or before January 3, 2028. The outstanding Rs 21 per warrant becomes payable upon exercise and allotment of equity shares. January 3, 2028 is therefore the disclosed deadline for the Rs 18.27 crore balance to become payable under the stated terms.

The July 2 and July 14, 2026 allotments occurred less than three months before the September 30, 2026 reporting date. Nakoda's Audit Committee reviewed the unaudited results and its Board approved them on October 30, 2026. The statutory auditors issued an unmodified report on those unaudited results, according to the filing.

The terms make conversion an option for warrant holders, subject to applicable terms and conditions. Nakoda does not disclose an interim conversion timetable, intermediate payment dates or a commitment by holders to pay the remaining amount. It also does not forecast the number of equity shares that may ultimately be allotted from the 87 lakh warrants.

How does Nakoda report the warrant funding in its statements?

Nakoda reported Rs 5.45 crore of net cash received from financing activities for the six months ended September 30, 2026, compared with Rs 2.44 crore of net cash used in financing activities for the year ended March 31, 2026. The six-month financing cash flows included Rs 6.09 crore of warrant proceeds and Rs 7.41 lakh of warrant-issue expenditure, alongside borrowing movements and finance costs.

Cash and cash equivalents were Rs 6.76 lakh on September 30, 2026, compared with Rs 4.83 lakh on March 31, 2026. Nakoda reported Rs 5.25 crore of net cash used in operating activities and Rs 18.43 lakh of net cash used in investing activities during the six months. The warrant proceeds were therefore one component of financing cash flows rather than a direct measure of closing cash.

Nakoda's total equity was Rs 35.79 crore at September 30, 2026, compared with Rs 28.95 crore at March 31, 2026. Total assets rose to Rs 51.31 crore from Rs 44.71 crore, while current assets increased to Rs 37.53 crore from Rs 30.40 crore. The filing does not attribute these entire changes to the warrant issue, as the statements also include earnings, working-capital movements and other transactions.

Nakoda did not furnish segment information because it said it did not meet the eligibility criteria under Indian Accounting Standard 108, or Ind AS 108, for operating-segment disclosures. It also reported having no subsidiary, associate or joint venture. The filing consequently does not allocate the Rs 6.09 crore received or the possible Rs 18.27 crore conversion balance across its dry-fruit, tutti-frutti or beverage activities.

Conclusion

Nakoda's July 2026 warrant issue produced Rs 6.09 crore in initial receipts against a maximum stated issue value of Rs 24.36 crore. The remaining Rs 18.27 crore is linked to the exercise of conversion rights and the subsequent allotment of shares, rather than being reported as cash received at September 30, 2026. Its six-month financing inflow of Rs 5.45 crore includes the warrant collection together with issuance costs, finance costs and other financing movements.

The next disclosed date to watch is January 3, 2028, the final date stated for exercise of the conversion option. Before then, Nakoda may disclose warrant conversions or equity-share allotments. The October 30, 2026 results do not provide a conversion schedule or state that holders will pay the entire Rs 18.27 crore balance.