We have been witnessing a great deal of progress in the area of corporate governance for the past several decades. Existing literature on emerging markets extensively addresses the improvement of corporate governance focusing on ownership structures. Considering the Indian economy, where a majority of the businesses are either family-run or promoter-controlled, studies on the ownership structure still hold relevance. Given the context, we aim to examine the impact of ownership structure on the returns of companies issuing share warrants in the Indian stock market. The sample consists of 130 share warrant issuances of listed companies in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) during 2019–24. Share warrants issued to promoters can positively influence investors’ perceptions; however, this may also facilitate perfectly timed insider trading. The informational asymmetry between the majority and minority stockholders may pave the way for profiteering in due course. We employ event study methodology to measure the price action to the share warrant issuance. The study can provide insights into investors’ perceptions regarding the issuance of warrants to both promoters and non-promoter categories. The findings of the study could facilitate regulators and firms to enhance corporate governance by better management of information flow. Further, the results could enable investors and proxy advisory firms to make informed decisions and cast their votes judiciously on resolutions related to issuing warrants.