NO PP YET Because:The reason why a company issues such instruments(warrants) instead of directly raising equity funds are
a) There are statutory regulations which do not permit companies to raise the equity of the company without fulfilling certain financial parameters. As the companies are constrained to meet such parameters and there is a need for raising resources in short term debentures and warrants come in handy.
b) Companies will be able to charge a better premium on their equity at a future date of conversion depending on the values generated in the company by earnings so as to reduce the interest outgo on such debentures (warrants).
and the warrants are well in the money still!