Mumbai, Feb. 9 -- The board approved the issuance of up to 45.3 crore convertible warrants to promoter Twin Star Overseas on a preferential basis at Rs 110 per warrant, aggregating Rs 498.3 crore. Each warrant is convertible into one equity share within 18 months from the date of allotment.

On a fully diluted basis, Twin Star Overseas' shareholding is expected to increase to 47.75% from 42.9%, subject to full conversion of the warrants and shareholder approval. As on December 2025, total promoter shareholding in the company stood at 44.44%.

Separately, the board also approved amendments to the Articles of Association to enable the issuance of convertible and non convertible securities.

To seek shareholder approval for these proposals, ...