The warrants are convertible in one or more tranches into 25,49,936 Equity shares of face value of Rs.10/- each fully paid up, at the issue price of Rs.235.30/- per equity share (i.e. at a premium of Rs.225.30 per equity share) at any time on or before the expiry of 18 (eighteen) months from the date of allotment of the said warrants.