Approval Details

BSE Limited granted in-principle approval for the issue of 18,00,000 (Eighteen Lakh) warrants convertible into 18,00,000 equity shares of the company. The approval was granted vide letter reference LOD/PREF/MV/FIP/1899/2025-26 dated 13th October, 2026.

Warrant Terms

  • Each warrant convertible into 1 equity share of face value ₹10 each
  • Issue price: Not less than ₹21.50 per warrant (Rupees Twenty-One and Fifty Paise only)
  • Allottee category: Non-promoters
  • Basis: Preferential allotment

Regulatory Compliance Requirements

The approval is subject to strict compliance with:

  • Companies Act, 2013
  • Securities Contracts (Regulation) Act, 1956
  • Securities and Exchange Board of India Act, 1992
  • Depositories Act, 1996
  • Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations)
  • Listing Agreement with BSE

Internal Control Requirements

BSE has advised the company to strengthen internal controls to monitor trades executed by proposed allottees in the company's scrip. Specific requirements include:

a) Obtain undertaking from allottee(s) confirming they shall not do intra-day trading or any sale in the company scrip until the allotment date

b) Responsibility solely on the issuer company to verify compliance and ensure adherence to Regulation 167(6) of SEBI ICDR regulations, 2018

c) Any non-compliances observed post-undertaking may impact listing of such shares

Post-Allotment Requirements

  • Listing application must be made without delay with applicable fees under Regulation 14 of LODR Regulations
  • Application must be made within twenty days from date of allotment as per Schedule XIX - Para (2) of ICDR Regulations and SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023
  • Non-compliance with listing application timeline will attract fines as specified in the SEBI circular
  • For convertible securities, depositories will automatically release excess lock-in period of pre-preferential holding without requiring NOC from Exchange

Approval Conditions

The in-principle approval does not constitute approval for listing of the security. BSE reserves the right to withdraw approval at any stage if submitted information is found incomplete, incorrect, misleading, false, or if it contravenes any rules, regulations, or guidelines.