Steelman Telecom announced that 10 lakh fully convertible warrants, previously issued to promoters and non-promoters, were not converted into equity shares.

The warrant holders had paid an upfront amount of Rs. 42.75 per warrant.

Since they did not exercise their conversion option within the stipulated 18-month period, the company has forfeited the total upfront amount of Rs. 4.275 Cr.

This means no new equity shares will be issued from these warrants, preventing potential dilution, while the company retains the initial funds.