Aequs Approves ₹650 Crore Promoter Warrant Issue At ₹231.55 Each

Board approved preferential issue of 2.81Cr warrants at Rs231.55 for Rs650Cr to promoter Mellwood Trustee, with Rs325Cr upfront, convertible 1:1 by 31 Dec 2027; EGM 22 Oct 2026. First large promoter equity infusion since listing; same promoter vehicle recently pledged its holding for a promoter-level facility. Material for a still loss-making, rating-watch company funding heavy capex. Lifts promoter holding on conversion with no change in control; company gives no loan or downside cover. Upfront forfeitable if not exercised; use of proceeds undisclosed, subject to shareholder and exchange approvals.