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18 Mar 2026
PADMARAJ P PILLAI HUF has filed a regulatory disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the conversion of warrants into equity shares of Power & Instrumentation (Gujarat) Limited. The disclosure, dated March 18, 2026, provides detailed information about the substantial acquisition completed through the Board meeting held on March 16, 2026.
Warrant Conversion Details and Shareholding Impact
The acquisition involved the conversion of warrants into 3,00,000 equity shares through preferential allotment, significantly increasing PADMARAJ P PILLAI HUF's stake in the company. The entity, classified as part of the promoter group, has enhanced its position following the successful warrant exercise.
Parameter: Before Conversion After Conversion Change Equity Shares Held: 2,85,000 5,85,000 +3,00,000 Shareholding %: 1.43% 2.88% +1.45% Remaining Warrants: 5,15,000 2,15,000 -3,00,000 Total Holdings: 8,00,000 8,00,000 -
Regulatory Compliance and Disclosure Requirements
The disclosure was submitted to both National Stock Exchange of India Limited (Scrip Symbol: PIGL) and BSE Limited (Scrip Code: 543912) in compliance with SEBI regulations. PADMARAJ P PILLAI HUF, with registered address at A 102, Shivan Klasse, Opp. Trilok Row house, Bodakdev, Ahmedabad - 380054, Gujarat, filed the comprehensive disclosure covering all aspects of the substantial acquisition.
Exchange Details: Information NSE Symbol: PIGL BSE Code: 543912 Disclosure Date: March 18, 2026 Conversion Date: March 16, 2026 Regulatory Framework: SEBI (SAST) Regulations, 2011
Share Capital Structure Impact
The warrant conversion has resulted in changes to Power & Instrumentation's overall capital structure, with the company's equity share capital increasing following the allotment. The detailed disclosure shows the impact on both current and diluted share capital calculations.
Capital Component: Before Allotment After Allotment Equity Share Capital: Rs. 19,97,10,300 Rs. 20,32,53,690 Number of Shares: 1,99,71,030 2,03,25,369 Diluted Capital (Post-Warrant): - Rs. 21,16,89,000 Diluted Shares: - 2,11,68,900
Warrant Conversion Terms and Future Holdings
The warrants were fully convertible securities, each convertible into one fully paid-up equity share with a face value of Rs. 10.00 at an issue price of Rs. 83.75 per warrant. The conversion was completed within the stipulated 18-month period from the original allotment date, demonstrating the promoter group's confidence in the company's prospects.
Warrant Details: Specifications Conversion Ratio: 1:1 (One warrant = One equity share) Issue Price: Rs. 83.75 per warrant Face Value: Rs. 10.00 per share Conversion Period: 18 months from allotment Mode of Allotment: Preferential Allotment Remaining Warrants: 2,15,000
The successful warrant conversion reflects the promoter group's continued commitment to the company while ensuring compliance with all regulatory disclosure requirements under SEBI guidelines.
Power & Instrumentation (Gujarat) Limited announced the successful allotment of equity shares through warrant conversion following a board meeting held on March 10, 2026. The board meeting, which commenced at 10:50 A.M. and concluded at 11:20 A.M. at the company's registered office in Ahmedabad, Gujarat, approved significant capital structure changes.
Latest Warrant Conversion Details
The board approved the allotment of 4,84,600 equity shares of Rs. 10.00 each at a premium of Rs. 73.75 per equity share. This latest allotment resulted from the conversion of an equal number of convertible warrants that were originally part of a larger issuance.
Parameter: Details Shares Allotted: 4,84,600 equity shares Face Value: Rs. 10.00 per share Premium: Rs. 73.75 per share Total Price: Rs. 83.75 per share Allotment Basis: Preferential to Promoter and Non-promoter
Allottee Distribution and Shareholding
The warrant conversion was distributed among three entities, including both promoter and non-promoter categories. The allotment details show the post-conversion shareholding pattern for each allottee.
Allottee: Shares Allotted Post-Allotment Shareholding (%) Padmaraj P Pillai HUF (Promoter): 2,85,000 1.43% Pulakeshin Private Limited: 79,600 0.40% Ghisulal Kisan Kumar: 1,20,000 0.60% Total: 4,84,600 2.43%
Previous Warrant Conversion Activity
This follows an earlier warrant conversion that took place on March 03, 2026, where the company had allotted 1,73,530 equity shares through warrant conversion to non-promoter Manisha Vipulkumar Pathak. That conversion was executed at the same pricing of Rs. 83.75 per share.
Previous Allotment: Details Shares Allotted: 1,73,530 equity shares Allottee: Manisha Vipulkumar Pathak (Non-Promoter) Post-Allotment Shareholding: 0.89% Meeting Date: March 03, 2026
Original Warrant Framework and Remaining Conversions
Both conversions are part of a substantial issuance of 50,96,000 convertible warrants that were issued and allotted on September 21, 2024. The company has now converted a total of 34,13,530 warrants into equity shares before this latest allotment, with 6,35,400 warrants still pending conversion.
Cumulative Impact on Share Capital
The latest warrant conversion has resulted in a significant increase in the company's paid-up equity capital structure. The capital expansion reflects the company's ongoing efforts to strengthen its financial position through equity participation.
Capital Structure: Before Latest Allotment After Latest Allotment Paid-up Capital: Rs. 19,48,64,300 Rs. 19,97,10,300 Number of Shares: 1,94,86,430 1,99,71,030 Face Value per Share: Rs. 10.00 Rs. 10.00
Regulatory Compliance
The allotment was conducted in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company has informed both the National Stock Exchange of India Limited and BSE Limited about this corporate action, ensuring transparency and regulatory compliance. The decision was formally communicated by Managing Director Padmaraj P. Pillai, who signed the disclosure document on behalf of the company.
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