UVS Hospitality converts warrants, boosts capital and Madineni family holdings

UVS Hospitality and Services Limited, formerly Thirdwave Financial Intermediaries Ltd, announced on November 10, 2025, the allotment of 740,000 equity shares at an issue price of INR 17 per share. This allotment followed the conversion of 740,000 warrants issued on a preferential basis, with the company receiving the remaining INR 9,435,000 from the allottees. The initial warrant issue required 25% upfront payment, with the remaining 75% due upon conversion.

The conversion increased the company's issued and paid-up capital to INR 373,826,000, now comprising 37,382,600 equity shares of INR 10 each. The new shares will rank pari-passu with existing equity shares.

The three allottees, Sanjana Madineni, Prathima Madineni, and Mallinath Madineni, each converted their warrants, increasing their post-allotment shareholdings. Sanjana Madineni converted 200,000 warrants, bringing her post-shareholding to 200,823. Prathima Madineni converted 240,000 warrants, increasing her post-shareholding to 262,703. Mallinath Madineni converted 300,000 warrants, with her post-shareholding reaching 319,999.