W.S. Industries proposes new equity and warrant issue after previous lapse

W.S. Industries (India) Limited announced an Extra-Ordinary General Meeting (EGM) on December 12, 2025, to approve a preferential issue of equity shares and convertible warrants. This follows a previous preferential issue from July 2025 where some non-promoter investors, including foreign portfolio investors (FPIs) like M7 Global Fund PCC – Cell Dewcap Fund and Vikasa India EIF I Fund, did not remit subscription monies, leading to the lapse of their offers.

The company now proposes to issue 14,500,000 equity shares at ₹100 per share, totaling ₹145 crore. Additionally, 5,000,000 convertible warrants are proposed at ₹100 per warrant, aggregating ₹50 crore, convertible into equity shares within 18 months. These issuances are targeted at identified non-promoter persons/entities, including FPIs, to mobilize funds for infrastructure projects, growth initiatives, and working capital. The revised utilization plan includes ₹20 crore from equity for outstanding security deposit repayment and ₹160 crore from convertible warrants for land acquisition and development.

The preferential issue aims to raise a total of ₹195 crore from these new issuances. The post-preferential shareholding for M7 Global Fund PCC – Cell Dewcap Fund is projected at 8.65% and for Vikasa India EIF I Fund at 9.11%, assuming full conversion of warrants. The board of directors and key management personnel are not subscribing to these issues.