Slone Infosystems collects Rs 9.81 crore from warrants by September

Slone Infosystems Limited collected Rs 9.81 crore from preferential convertible warrants by September 30, 2026, including Rs 1.61 crore received during September 2026. Slone Infosystems had utilised Rs 8.20 crore for its stated objects, while Rs 1.61 crore remained unutilised in a separate bank account and the auditor reported no observed deviation.

How much did Slone Infosystems collect from warrants?

Slone Infosystems collected Rs 9.81 crore from warrant holders by September 30, 2026, comprising Rs 8.20 crore received in March 2025 and Rs 1.61 crore received in September 2026. The March 2025 receipt represented the 25% upfront consideration required when the warrants were allotted, while the later receipt was balance consideration paid on exercise of conversion options.

The board approved and allotted 19,99,200 convertible warrants on March 24, 2025, after shareholders approved the issue at an extraordinary general meeting on December 5, 2024. Each warrant was priced at Rs 164, including a Rs 10 face value and Rs 154 premium, and entitled the holder to convert it into an equity share of Rs 10 on payment of the remaining consideration.

The issue terms required allottees to pay 25% of the issue price on allotment and the remaining 75% when converting warrants into equity shares. The certificate says balance consideration was received from only 1,31,194 warrant holders, producing the Rs 1.61 crore September 2026 receipt; it does not disclose the number of unconverted warrants or a timetable for further exercises.

Slone Infosystems reported Rs 9.81 crore as money received against share warrants in its September 30, 2026 balance sheet, compared with Rs 8.20 crore in the comparative balance-sheet column. The Rs 1.61 crore increase is consistent with the half-year cash-flow statement, which records Rs 1.61 crore under proceeds from issue of share warrants.

What were the original terms of Slone Infosystems' warrant issue?

Slone Infosystems raised the warrant funds through a preferential issue approved by shareholders on December 5, 2024 and allotted on March 24, 2025. The 19,99,200 warrants carried an issue price of Rs 164 each, meaning the initial 25% instalment was Rs 41 per warrant and the balance 75% was payable at conversion.

The March 2025 upfront collection of Rs 8.20 crore was calculated from the full warrant allotment, while the Rs 1.61 crore received in September 2026 reflected later conversion-related payments. The filing does not state whether any warrant lapsed, whether further holders had submitted conversion requests after September 30, 2026, or whether the company had changed the original issue terms.

Slone Infosystems' September 30, 2026 financial statements were reviewed in connection with the utilisation certificate dated November 12, 2026. The certificate was prepared to support compliance with the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015, rather than to provide an updated post-September conversion status.

Where did Slone Infosystems deploy the warrant proceeds?

Slone Infosystems had utilised Rs 8.20 crore of the Rs 9.81 crore received by September 30, 2026, with Rs 6.15 crore applied to working-capital requirements and Rs 2.05 crore to general corporate purposes. Its original allocation was Rs 7.36 crore for working capital and Rs 2.45 crore for general corporate purposes.

The working-capital allocation had Rs 1.21 crore unutilised at September 30, 2026, while the general-corporate-purpose allocation had Rs 40.34 lakh unutilised. Together, these balances were Rs 1.61 crore, and the utilisation statement says the unutilised proceeds were parked in a separate bank account at that date.

The stated original allocations total Rs 9,81,03,062, while the certificate reports total receipts of Rs 9,81,04,062, a difference of Rs 1,000 between the two disclosures. Both values round to Rs 9.81 crore, and the filing does not explain the Rs 1,000 difference or identify individual payments made from either allocation.

The filing identifies working capital and general corporate purposes as the two objects but does not disclose suppliers, inventory purchases, borrowing repayments or other underlying transactions. Slone Infosystems operates in one segment under Accounting Standard 17, Segment Reporting, so the half-year results do not provide a business-segment split of the Rs 6.15 crore working-capital deployment.

Did the auditor find any deviation in Slone Infosystems' use of funds?

Slone Infosystems reported no deviation or variation in the use of preferential-issue proceeds as of September 30, 2026. The utilisation statement says management explained that the utilised amount was used for the reported working-capital purpose and that unutilised proceeds were held in a separate bank account.

Karia & Shah concluded that the utilisation statement agreed with Slone Infosystems' unaudited financial statements and books of account for the half year ended September 30, 2026. In its November 12, 2026 opinion, the auditor said the statement fairly presented, in all material respects, how funds were used, including funds used for purposes other than those stated in the preferential allotment document.

The certificate's assurance is limited to the statement, books and unaudited financial statements examined for the period ended September 30, 2026. It does not set a date for using the remaining Rs 1.61 crore, disclose a revised allocation, or establish the outcome of warrant conversions after that reporting date.

The company’s half-year cash-flow statement shows Rs 6.95 crore of net cash used in operating activities and Rs 3.26 crore used in investing activities, while financing activities generated Rs 7.98 crore. Cash and cash equivalents declined to Rs 4.66 crore at September 30, 2026 from Rs 6.89 crore at the beginning of the period, separately from the proceeds-utilisation disclosure.

Conclusion

Slone Infosystems collected Rs 9.81 crore under its preferential warrant issue by September 30, 2026, with the latest Rs 1.61 crore received during that month. Of the receipts, Rs 6.15 crore had been used for working capital and Rs 2.05 crore for general corporate purposes, while the auditor found no observed deviation from the disclosed objects.

The next item to watch is the deployment of the Rs 1.61 crore still held in a separate bank account at September 30, 2026. The filing also leaves unresolved the scale and timing of further conversions under the 19,99,200 warrants allotted on March 24, 2025, beyond payments received from 1,31,194 warrant holders.