Velox converts 30.55 lakh warrants into shares at Rs 12

Velox Shipping and Logistics Limited converted 30.55 lakh preferential warrants into an equal number of equity shares on November 7, 2026, after receiving Rs 2.75 crore as the final 75% of consideration. The disclosed payment and warrant numbers imply a conversion price of Rs 12 per share, while each new share has a Rs 10 face value.

What did Velox approve on November 7, 2026?

Velox approved the allotment of 30,54,531 equity shares against the conversion of 30,54,531 warrants at its board meeting on November 7, 2026. The filing says the meeting began at 8:00 PM and concluded at 8:30 PM, and the allotment was disclosed to BSE Ltd. under Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The board action followed shareholder approval at an Extra-Ordinary General Meeting held on January 8, 2026. Velox had originally allotted the convertible warrants to non-promoters on May 16, 2026, following the December 17, 2025 notice, a January 1, 2026 corrigendum, and further addendum and corrigendum disclosures cited in the filing.

Velox said the newly allotted shares will be issued in dematerialised form and rank pari passu with existing equity shares in all respects. The shares have a face value of Rs 10 each, meaning they are in the same equity class as the existing shares under the terms disclosed on November 7.

How much consideration did Velox receive for the conversion?

Velox received Rs 2.75 crore, representing 75% of the total consideration for the 30.55 lakh warrants converted on November 7, 2026. The filing states that the remaining 25% had been received when the warrants were allotted on May 16, 2026, completing the payment obligation for the warrants being converted.

The reported payment of Rs 2,74,90,779 equals 75% of the total consideration, making the full consideration Rs 3.67 crore on calculation. Dividing the underlying rupee amount by 30,54,531 warrants gives an implied conversion price of Rs 12 per warrant and per equity share. The initial 25% component works out to Rs 91.64 lakh using the same disclosed consideration structure.

This receipt is consideration for an equity-linked transaction rather than revenue from Velox's shipping and logistics operations. Separately, Velox's standalone balance sheet at September 30, 2026 reported cash and cash equivalents of Rs 7.94 crore, compared with Rs 47.91 lakh at March 31, 2026, but the filing does not attribute that change solely to the warrant conversion.

Which non-promoters did Velox name as allottees?

Velox named Manvi Bharat Poojary, Amit Arora and Ravishankar Sarvothaman as the non-promoter allottees for the 30.55 lakh warrants. The three holders' disclosed warrant allocations total 30,54,531, which matches both the conversion total in the narrative and the aggregate warrant figure in the allotment table.

Manvi Bharat Poojary was listed with 9,00,000 warrants and Rs 81 lakh received as 75% consideration. Amit Arora was listed with 7,00,000 warrants and Rs 63 lakh received, while Ravishankar Sarvothaman was listed with 14,54,531 warrants and Rs 1.31 crore received. Together, those payments equal the reported Rs 2.75 crore.

Velox marked warrants pending for conversion as nil for each of the three holders and in the aggregate row. The filing therefore presents the 30.55 lakh warrants as fully converted, notwithstanding the mismatch between the individual equity-share entries and the table's aggregate equity-share total.

Do Velox's allottee-level share figures reconcile?

No, the individual equity-share figures printed in Velox's table do not reconcile with the individual warrant allocations or the stated aggregate conversion. The filing says 30,54,531 warrants were converted into an equivalent number of equity shares, yet Manvi Bharat Poojary's row shows 9,00,000 warrants and 18,00,000 equity shares.

Amit Arora's row shows 7,00,000 warrants but 3,07,524 shares, while Ravishankar Sarvothaman's row shows 14,54,531 warrants but 9,71,775 shares. Adding the three individual share entries gives 30,79,299 shares, which is 24,768 above the stated total allotment of 30,54,531 shares.

The announcement provides no explanation for this difference and does not identify a corrected allottee-level schedule. Its narrative and total row are consistent in stating 30,54,531 warrants and 30,54,531 equity shares, while the three individual share-allotment entries are not consistent with that total.

What does Velox's balance sheet show before the allotment?

Velox reported standalone equity share capital of Rs 17.41 crore at September 30, 2026, compared with Rs 7.97 crore at March 31, 2026. That is an increase of Rs 9.44 crore over the six-month period ending September 30, before the November 7 board decision covered by this conversion announcement.

The filing does not state the revised paid-up share capital after the allotment, the post-allotment number of equity shares outstanding, or the percentage holdings of the three named allottees. It also does not include a post-conversion shareholding pattern, so the filing alone does not establish dilution for existing shareholders from this conversion.

Other standalone balance-sheet items also changed between March 31 and September 30. Investments rose to Rs 36.48 crore from Rs 18.97 crore, trade receivables increased to Rs 5.15 crore from Rs 2.74 crore, and other equity rose to Rs 14.76 crore from Rs 34.59 lakh; these movements are separate from the November 7 conversion mechanics.

Conclusion

Velox completed the stated conversion of 30.55 lakh preferential warrants after receiving Rs 2.75 crore as the final 75% of consideration. The disclosed payment structure produces an implied Rs 12 conversion price, and the new Rs 10 face-value shares are to be issued in dematerialised form with rights equal to existing equity shares.

The next matter to watch is clarification of the allottee-level share schedule, because the three individual entries total 30,79,299 shares while Velox's narrative and total row state 30,54,531 shares. A subsequent company disclosure could also state the revised paid-up capital, post-allotment share count and shareholding pattern, which were not included in the November 7 filing.