What’s new

• Board to consider forfeiting 15 lakh convertible warrants allotted to SG General Dealers LLP.
• Reason: non-payment of the conversion consideration.
• No conversion price disclosed, leaving financial impact unquantified.

Why it matters

For a nano-cap with a market cap of just ₹137 crore, a 15-lakh warrant forfeiture is a notable corporate action: it reverses a potential dilution but also reveals a counterparty default. The lack of a disclosed conversion price means investors cannot assess the capital that was supposed to come in.

What we’re watching

• Whether the board actually approves the forfeiture at the upcoming meeting.
• Any subsequent disclosure of the conversion price or the amount due.
• If SG General or any other warrant holder makes a late payment attempt.

The full read

Lactose (India) is set to pull back 15,00,000 convertible warrants from SG General Dealers LLP after the entity failed to pay the conversion consideration. The board will consider the forfeiture at its next meeting. That is the easy part. The hard part: no conversion price was ever disclosed, so no one can size the financial hole or the capital that was supposed to flow in. For a nano-cap with a market cap of ₹137 crore, the move is notable — it reverses potential dilution but also flags a counterparty default. The event is new and genuinely actionable, though still a board proposal. Not yet a done deal. What changes from here is whether the forfeiture goes through or SG General scrambles to pay up.

Primary source: BSE · NSE