Embassy Developments allots 1.10 crore shares on warrant conversion

The conversion in numbers

Shares issued and the price paid

Embassy Developments allotted 1,10,00,000 equity shares on 23 Oct 2026 to Embassy Property Developments Private Limited, a member of the promoter group, after the allottee exercised its right to convert 1,10,00,000 of the 3,25,18,900 warrants it held. The conversion price was ₹111.51 per share, including a premium of ₹109.51.

The balance of 75% of the exercise price, totalling ₹91,99,57,500, was received with the conversion. The upfront 25% was paid when the warrants were allotted on 12 Oct 2026, so the full price for the converted warrants has now been paid.

Holding and the warrants still outstanding

After the allotment, paid-up equity capital stands at ₹2,80,32,66,866 across 1,40,16,33,433 shares. The allottee's holding rose from 19,37,92,592 shares (13.94%) to 20,47,92,592 shares (14.61%). The company says the promoter and promoter group holding has increased to 43.13% of the enlarged capital.

2,15,18,900 warrants remain outstanding. The filing says the promoter group has voluntarily committed to convert all of them within six months of allotment, and that they are convertible on or before 11 Apr 2027, within the warrants' tenure. The filing reports no cancellation of the issue.

What the conversion means for Embassy Developments' shareholders

The conversion adds about 1.10 crore shares to the equity base and brings in about ₹92 crore, and the new shares rank equally with existing ones. Existing shareholders' holdings are diluted by the new shares; the company's figures show the promoter group's holding rising to 43.13%.

Not stated: the reason for converting now, how the approximately ₹92 crore will be used, the share price on the allotment date, or the effect on the company's results and debt. The next dated step is the conversion of the remaining 2,15,18,900 warrants, due on or before 11 Apr 2027.

Reference: Original filing (PDF)