Garnet International has announced the forfeiture of 27,00,000 unexercised convertible equity warrants.

Following a board meeting, the ₹8.84 Crores received upfront from the preferential issue has been transferred to the Capital Reserve Account.

This action occurred because the 18-month conversion tenure expired without warrant holders paying the balance 75% consideration.

Consequently, the preferential issue is now fully concluded and closed.

The company reports no deviation in the utilization of the ₹8.84 Crores received, providing clarity on the closure of this funding round.