Garnet International Declares 27 Lakh Warrants Lapsed After Payment Defaults

All 27 lakh convertible warrants issued at ₹131 each in February 2025 lapsed after subscribers failed to pay the remaining 75% consideration, eliminating a potential ₹35.37 crore equity infusion. The company will seek Board approval to forfeit the warrants and transfer ₹8.84 crore upfront proceeds to capital reserves.