Why promoters convert warrants at prices higher than market prices

Today i was reading an article on warrants being converted by
promoters at prices higher than the current market price. Should the
investor take this news as positive?

The act that the promoter is willing to issue shares to himself at the
current price gives some confidence that the current price might not
be overvalued. But if the warrant price is higher than the current
price, it does not necessarily show additional confidence the company
has in its business. It is merely a simple profit-loss calculation
that the promoter does at his end and decides to converts the warrants
even at higher prices. Consider for example
Amtek Auto which issued 1.68 crore shares to its promoters on
conversion of warrants at 180 on June 27 when the stock closed at 160.

Here is the arithmetic behind why the promoters converted.

SEBI requires 25% of the money to be paid upfront irrespective of the
fact whether you would convert or allow them to lapse. So the
promoters had already paid 75.6cr (25% * 1.68*180). Now had they
allowed their warrants to lapse the net loss to them would have been
75.6cr. This cost is a sunk cost.

Now consider the case when they convert their warrants. They can
purchase those 1.68cr shares from the open market at 160 or get those
share at 180.The net difference being 33.6cr (1.68(180-16)). So the
promoter will stand to loose only 33.6cr while in the first case he
lost 75.6cr.

So the conversion is purely from an economic standpoint less
lossmaking for the promoter as compared to foregoing the conversion
rights.