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21 Mar 2026
Balgopal Commercial Limited has successfully completed the allotment of 19,00,000 equity shares through warrant conversion by promoter group members. The Board of Directors approved this allotment on March 21, 2026, following the exercise of conversion rights by warrant holders who paid the remaining 75% of the issue price.
Warrant Conversion Details
The warrant conversion involved two promoter group members who exercised their conversion rights from the originally allotted 45,00,000 warrants issued on January 20, 2025. The warrants were initially issued at Rs. 60.00 per warrant with a face value of Rs. 10.00 each, including a premium of Rs. 50.00.
Parameter: Details Total Shares Allotted: 19,00,000 Issue Price per Share: Rs. 60.00 Face Value per Share: Rs. 10.00 Premium per Share: Rs. 50.00 Total Amount Raised: Rs. 8.55 crore
Allottee Breakdown
The warrant conversion was executed by two promoter group members with varying conversion amounts:
Allottee Name: Category Warrants Converted Amount Received (75%) Outstanding Warrants Sandeep Jindal: Promoter 14,00,000 Rs. 6.30 crore 26,00,000 Vijay Laltaprasad Yadav: Promoter 5,00,000 Rs. 2.25 crore Nil
Impact on Share Capital
The warrant conversion has resulted in a significant increase in the company's paid-up equity share capital. The newly allotted equity shares rank pari-passu with existing equity shares in all respects.
Capital Structure: Before Allotment After Allotment Number of Equity Shares: 1,90,10,000 2,09,10,000 Paid-up Share Capital: Rs. 19.01 crore Rs. 20.91 crore
Shareholding Changes
The warrant conversion has altered the shareholding pattern of the promoter group members:
Investor: Pre-Issue Shares Pre-Issue % Post-Issue Shares Post-Issue % Sandeep Jindal: 38,801 0.20% 14,38,801 6.88% Vijay Laltaprasad Yadav: 0 0.00% 5,00,000 2.39%
Outstanding Warrants and Next Steps
Out of the total 45,00,000 warrants originally allotted, 26,00,000 warrants remain outstanding for conversion. The remaining warrant holder, Sandeep Jindal, is entitled to convert these warrants into an equal number of equity shares by paying the remaining 75% amount within 18 months from the original warrant allotment date of January 20, 2025. The company will apply for listing and trading approval from the stock exchange for the newly allotted equity shares in due course.
Balgopal Commercial Limited has announced a significant real estate development partnership through its wholly owned subsidiary. Dreamax Buildtech Private Limited has entered into a Joint Development Agreement (JDA) with Aakshya Ara Developers LLP on March 12, 2026, marking a strategic move in the Mumbai real estate market.
Project Details and Location
The joint development agreement covers an immovable property measuring 3770.80 square metres, strategically located at GTB Nagar, Lalbaug, Mumbai-400022. The property bears Survey No. 292 (part) and C.T.S No. 639 of Village Kurla, Taluka Kurla in Mumbai Suburban District.
Parameter: Details Property Size: 3770.80 square metres Location: GTB Nagar, Lalbaug, Mumbai-400022 Survey Details: Survey No. 292 (part), C.T.S No. 639 Village: Kurla, Mumbai Suburban District
Partnership Structure and Financial Terms
The joint venture establishes a clear partnership ratio between the two entities, with Dreamax Buildtech Private Limited holding 40% and Aakshya Ara Developers LLP maintaining 60% ownership. The financial arrangement includes a substantial security deposit commitment from the development partner.
Financial Terms: Amount Total Security Deposit: Rs 40 crores On Execution: Rs 30 crores On Handover: Rs 10 crores JV Ratio (Dreamax:Aakshya): 40:60
Operational Framework and Responsibilities
Under the agreement terms, Aakshya Ara Developers LLP will assume comprehensive responsibility for the project development. The joint developer will undertake planning, development, construction, and implementation of the proposed real estate project on the identified land. Key operational responsibilities include:
Managing 100% of construction costs
Obtaining all necessary RERA approvals
Completing the project within 48 months from land handover
Conducting all marketing activities under the "Aakshya" brand name
Assuming all operational and legal risks post-handover
Dreamax Buildtech Private Limited, as the New Developer, will be responsible for title clearance and demolishing existing structures on the property.
Strategic Benefits and Risk Management
The agreement provides a structured legal framework that allows Aakshya Ara Developers LLP to proceed with property development while ensuring Dreamax Buildtech Private Limited remains protected from operational defaults or third-party claims. The revenue and developed area from the project will be shared between the parties according to the established joint venture ratio, subject to receiving necessary approvals from relevant statutory authorities.
The partnership represents a domestic joint development initiative that leverages the expertise of both entities in the Mumbai real estate market. The arrangement allows Balgopal Commercial's subsidiary to participate in real estate development while transferring operational responsibilities to an experienced development partner.
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