<h1>Steel firm okays ?200 crore preferential issue of 5 crore convertible warrants to promoter group under Section 62(1)(c)</h1> A listed steel company's board committee has approved issuing five crore fully convertible warrants on a preferential basis to its promoter group entity for Rs 200 crore. Each warrant is priced at Rs 40, with 25 per cent (Rs 50 crore) paid upfront and the remaining 75 per cent payable on conversion within 18 months. Each warrant is convertible into one equity share of face value Rs 10. The warrants will remain unlisted and subject to lock-in. There is currently no change in paid-up equity share capital, but full conversion would significantly increase the promoter group's shareholding.