63 Moons Technologies subsidiary to issue warrants worth ₹65 crore to BCCL

Agreement

Blacklitt Research29 October 20262 min read

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63 Moons Technologies (NSE: 63MOONS) has had its material subsidiary, 63SATS Cybertech Limited, enter into a warrant subscription agreement worth ₹65 crore with Bennett Coleman and Company Limited (BCCL), it said in a filing on 29 Oct 2026. The upfront payment is 10% of the warrant value, and the balance is payable only if BCCL converts the warrants into equity shares.

Key highlights

Warrants to be issued to BCCL: 65
Aggregate Warrant Value: ₹65 crore
Upfront payment: ₹10 lakh per warrant, 10% of Warrant Value
Balance on conversion: ₹90 lakh per warrant, 90% of Warrant Value
Intimation received by the company on 28 Oct 2026

The warrant agreement in numbers

Item	Detail
Issuer	63SATS Cybertech Limited, a material subsidiary
Subscriber	Bennett Coleman and Company Limited (BCCL)
Warrants	65 warrants, each with a Warrant Value of ₹1 crore
Aggregate Warrant Value	₹65 crore
Upfront subscription price	₹10 lakh per warrant, 10% of Warrant Value, paid on allotment
Balance on conversion	₹90 lakh per warrant, 90% of Warrant Value
Conversion price and shares	To be set at a future date under the agreement's formula

The upfront payment is 10% of the warrant value

Each warrant has a Warrant Value of ₹1 crore, and BCCL pays a Subscription Price of ₹10 lakh per warrant on allotment, which the filing puts at 10% of that value. The arrangement is described as a staged capital infusion, with equity dilution deferred until the warrants are exercised.

The balance is paid only on conversion

BCCL pays the remaining 90%, or ₹90 lakh per warrant, only when it exercises its right to convert the warrants into equity shares. The conversion price and the number of shares to be issued are to be set at a future date under a formula in the Warrant Subscription Agreement.

Stated use of the capital and the latest quarter

The stated use of the capital is 63SATS working capital requirements and strategic growth initiatives. The company's consolidated figures for Q1 FY27 show total income of ₹172.07 crore, up 81.9% year on year, and a net loss of ₹47.56 crore. Its filings on 16 Oct 2026 covered an acquisition and a new step-down subsidiary.

What the agreement means for 63 Moons Technologies' shareholders

The agreement sits at the level of 63SATS, a material subsidiary, and the upfront money is payable to that subsidiary rather than to the listed company.

Still open: the exercise timeline, the conversion price and number of shares, the effect on results, and the company's holding in 63SATS after conversion. No dated next step is given.

Reference: Original filing (PDF)

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