Univastu India Limited allots 17.43 lakh warrant-linked shares

Univastu India Ltd allotted 17.43 lakh equity shares linked to earlier warrants in the quarter ended September 30, 2026, including 5.81 lakh conversion shares and 11.62 lakh bonus shares. It also forfeited Rs 55.01 lakh from holders that did not complete payment and received Rs 4.0006 crore upfront on a new promoter-and-director warrant issue.

What did Univastu India Ltd allot in the September 2026 quarter?

Univastu India Ltd allotted 17,43,399 equity shares on July 17, 2026, comprising 5,81,133 shares issued on conversion of fully convertible warrants and 11,62,266 bonus shares issued to the same allottees. The allotment occurred in the quarter ended September 30, 2026 and followed the bonus issue approved at the annual general meeting held on September 27, 2025.

The allotment lifted the paid-up equity share capital to Rs 37.730169 crore, represented by 3,77,30,169 equity shares with a face value of Rs 10 each. Standalone equity share capital was Rs 35.9868 crore as at March 31, 2026, compared with Rs 37.7302 crore as at September 30, 2026 in the balance sheet, reflecting the share issue during the half year.

The underlying warrants were initially issued during the quarter ended March 31, 2025. Univastu India Ltd issued 6.83 lakh warrants to non-promoter investors at Rs 216 per warrant after obtaining shareholder approval under Section 62(1)(c) of the Companies Act, 2013. The company said the earlier issue was intended for working-capital requirements and acquisitions.

Why did Univastu India Ltd forfeit Rs 55.01 lakh?

Univastu India Ltd forfeited Rs 55.01 lakh because some holders of the March 2025 warrants did not pay the remaining subscription amount within the allotted time. No equity shares were issued to those holders, and their initial subscription amount was credited to capital reserve.

At the March 2025 allotment, investors paid 25% of the Rs 216 issue price, or Rs 54 per warrant, resulting in an aggregate upfront receipt of Rs 3.6882 crore. The remaining 75%, or Rs 162 per warrant, was payable in one or more tranches within 18 months of allotment. The Rs 55.01 lakh forfeiture therefore represents only the initial payments associated with holders that did not meet the balance-payment requirement.

A two-for-one bonus issue in the quarter ended December 31, 2025 changed the conversion entitlement of the outstanding warrants without changing the aggregate cash due from warrant holders. Each warrant was retrospectively adjusted to entitle its holder to three equity shares of Rs 10 each, rather than the one share contemplated at the original issue.

How does Univastu India Ltd's new warrant issue work?

Univastu India Ltd allotted 18,39,339 fully convertible warrants on a preferential basis to promoters and certain directors on August 28, 2026. Each warrant was priced at Rs 87, comprising a face value of Rs 10 and a premium of Rs 77, and can be converted into one equity share within 18 months of allotment.

The preferential issue has an aggregate value of Rs 16.0022 crore. Holders paid 25% upfront, or Rs 21.75 per warrant, and Univastu India Ltd received Rs 4.0006 crore. The remaining 75%, or Rs 65.25 per warrant and Rs 12.0017 crore in aggregate, is payable when the warrants are converted into equity shares.

Shareholders approved the preferential issue at an extraordinary general meeting on July 18, 2026, before the August 28 allotment. The filing says the upfront amount will be forfeited if a holder does not exercise the conversion option within 18 months. It does not state a specific use of proceeds for this promoter-and-director issue.

How do Univastu India Ltd's old and new warrants compare?

Univastu India Ltd's March 2025 warrants were issued to non-promoter investors at Rs 216 each, while the August 2026 warrants were issued to promoters and certain directors at Rs 87 each. Both issues required a 25% upfront payment and provide an 18-month period for conversion, although the earlier warrants were adjusted after the December 2025 bonus issue.

The March 2025 issue had an aggregate original value of Rs 14.7528 crore, based on 6.83 lakh warrants at Rs 216 each. Its upfront payment was Rs 3.6882 crore and the remaining payment was Rs 11.0646 crore. The newer August 2026 issue is larger in aggregate value at Rs 16.0022 crore, with Rs 4.0006 crore received upfront and Rs 12.0017 crore still payable on conversion.

The two programmes had different recorded outcomes by September 30, 2026. The earlier programme resulted in 17.43 lakh equity shares being allotted to holders that completed conversion, while Rs 55.01 lakh of initial subscriptions from defaulting holders was transferred to capital reserve. The August 2026 programme had received only its 25% upfront amount by the reporting date, leaving conversion and the balance payment dependent on warrant holders exercising their rights.

Univastu India Ltd also restated earnings per share, or EPS, for all earlier periods presented to reflect the warrant-linked equity shares and bonus shares. Basic and diluted EPS for the quarter ended September 30, 2026 was Rs 4.11, compared with Rs 1.23 for the quarter ended September 30, 2025. The company noted that quarterly EPS is not annualised.

Conclusion

The September 2026 disclosures record both the completion of part of Univastu India Ltd's earlier non-promoter warrant programme and a fresh preferential warrant allotment to promoters and certain directors. The earlier programme added 17.43 lakh warrant-linked shares and resulted in a Rs 55.01 lakh forfeiture, while the newer programme generated Rs 4.0006 crore of initial subscription money.

The next disclosed event to watch is the 18-month exercise window for the 18.39 lakh warrants allotted on August 28, 2026. Rs 12.0017 crore remains payable if those warrants are converted, while the Rs 4.0006 crore upfront payment is subject to forfeiture if the conversion option is not exercised within that period.