Newtime Infrastructure announced an update on its Fully Convertible Warrants.

Out of 2.06 Cr warrants initially issued, 1.36 Cr warrants held by Non-Promoters lapsed as they were not converted into equity shares within the 18-month period.

The company has consequently forfeited the 25% upfront payment for these lapsed warrants.

Separately, the Board had already approved the conversion of 0.46 Cr warrants into equity shares, also from the Non-Promoter category.

This results in less potential dilution and adds to the company's funds through the forfeiture.