Emkay Global Financial Services Receives Listing Approval for 2.78 Lakh Equity Shares from Warrant Conversion

Emkay Global Financial Services Limited has secured in-principle listing approval from both major Indian stock exchanges for 2,78,300 equity shares allotted through warrant conversion. The company announced this development in a regulatory filing dated March 18, 2026, pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Exchange Approvals Received

Both the National Stock Exchange of India Limited and BSE Limited granted their approvals on March 17, 2026. The approvals cover equity shares allotted to promoter following conversion of warrants issued on preferential basis.

Exchange Details: Information NSE Reference: NSE/LIST/53859 BSE Reference: LOD/PREF/PR/FIP/1904/2025-26 Approval Date: March 17, 2026 Share Quantity: 2,78,300 equity shares

Share Allotment Specifications

The equity shares carry specific financial and technical parameters as outlined in the exchange communications.

Share Parameters: Details Face Value: Rs. 10/- each Issue Premium: Rs. 229.50/- Distinctive Numbers: 25910764 to 26189063 Allottee: Promoter Basis: Preferential warrant conversion

Compliance Requirements

Both exchanges have specified mandatory compliance requirements before trading approval can be granted. BSE has emphasized adherence to Regulation 167 of SEBI ICDR Regulations and other SEBI specifications. The exchange also noted that if the change exceeds two percent of total paid-up share capital, the company must file shareholding pattern in XBRL mode under Regulations 31(1)(c) of SEBI LODR Regulations, 2015.

Trading Approval Prerequisites

The exchanges have outlined specific documentation requirements for trading approval:

Listing approval from both NSE and BSE

Confirmation letters from NSDL/CDSL regarding crediting shares to beneficiary accounts

Confirmation about admitting capital to the depository system

Lock-in confirmation for pre-preferential holding (if applicable)

BSE has specifically mentioned that as per Schedule XIX of ICDR Regulations and SEBI circular SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, listed entities must apply for trading approval within seven working days from listing approval grant date. Non-compliance will attract fines as specified in the referenced SEBI circular.

Next Steps

NSE has confirmed that the shares will be listed and admitted to dealings upon receipt of confirmation from depositories NSDL/CDSL for credit of beneficiaries' accounts. The company has been advised to submit all required approvals together to facilitate the trading approval process.

Emkay Global Financial Services Limited has successfully allotted 2,78,300 equity shares to promoter Krishna Kumar Karwa following the exercise of convertible warrants on February 19, 2026. The Management Committee approved this allotment during its meeting held on the same day, which commenced at 4.00 P.M. (IST) and concluded at 4.30 P.M. (IST).

Warrant Conversion Details

The allotment stems from the original preferential issue of 95,00,000 convertible warrants completed on October 24, 2025. Karwa, being one of the three allottees, received 12,50,000 warrants as part of this allocation.

Parameter: Details Shares Allotted: 2,78,300 Face Value per Share: Rs. 10.00 Issue Price per Share: Rs. 239.50 Premium per Share: Rs. 229.50 Total Amount Received: Rs. 4,99,89,637.50

This marks Karwa's second warrant conversion, as he had previously exercised 2,78,300 warrants in December 2026, receiving an equal number of equity shares.

Original Warrant Allocation Structure

The company had initially allotted warrants to three parties through preferential placement:

Allottee: Category: Warrants Allocated: Antique Securities Private Limited: Non-Promoter 75,00,000 Krishna Kumar Karwa: Promoter 12,50,000 Prakash Kacholia: Promoter 7,50,000 Total: 95,00,000

Impact on Share Capital and Shareholding

Following this allotment, the company's capital structure has been enhanced significantly. The issued, subscribed and paid-up capital increased from Rs. 25,91,07,630 divided into 2,59,10,763 equity shares to Rs. 26,18,90,630 divided into 2,61,89,063 equity shares of face value Rs. 10.00 each.

Shareholding Parameter: Pre-Allotment Post-Allotment Karwa's Equity Shares: 52,00,800 54,79,100 Shareholding Percentage: 20.07% 20.92%

Outstanding Warrant Position

After this conversion, Karwa retains 6,93,400 unconverted warrants from his original allocation. The warrant exercise follows a structured payment mechanism where 25% of the issue price (Rs. 59.875 per warrant) was paid at the time of initial allotment, and the remaining 75% (Rs. 179.625 per warrant) is paid upon conversion.

Regulatory Compliance

The allotment complies with provisions of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2018 and the terms of warrant allotment. The newly allotted equity shares rank pari-passu in all respects with existing equity shares of the company, including dividend rights. The company has made the required disclosures under Regulation 30 of SEBI Listing Regulations and informed both NSE and BSE about this development.

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