Key Approval Details

  • Approving Authority: BSE Limited
  • Approval Type: In-principle approval under Regulation 28(1) of SEBI LODR Regulations, 2015
  • Approval Reference: LOD/PREF/MV/FIP/305/2026-27 dated June 01, 2026
  • Security Type: Equity Shares
  • Total Quantity: 2,15,00,000 (Two Crore Fifteen Lakh) Equity Shares
  • Face Value: ₹10 per share
  • Issue Price: ₹10.35 per Equity Share
  • Allottee Category: Non-Promoters
  • Purpose: Pursuant to conversion of warrants

Regulatory Compliance Requirements

  • The approval does not constitute final listing approval; separate listing application required
  • Issue and allotment must comply with Companies Act 2013, SCRA 1956, SEBI Act 1992, Depositories Act 1996
  • Must adhere to Chapter V of SEBI ICDR Regulations 2018 and SEBI LODR Regulations 2015
  • Company must obtain all statutory approvals required for the issue

Specific Compliance Instructions from BSE

Internal Controls Requirements

  • Company must strengthen internal controls to monitor trades by proposed allottees in company scrip
  • Must obtain undertaking from allottees confirming they will not:
  • Conduct intra-day trading in company scrip
  • Sell any shares in company scrip until allotment date
  • Responsibility for verification and compliance rests solely with the issuer company
  • Non-compliances observed post-undertaking may impact listing of shares

Post-Allotment Requirements

  • Listing application must be made without delay after allotment
  • Application must include applicable fees under Regulation 14 of LODR Regulations
  • Application deadline: Within 20 days from date of allotment (per SEBI Circular SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023)
  • Non-compliance with listing application timeline will attract fines specified in SEBI circular
  • For convertible securities, excess lock-in period of pre-preferential holding will be automatically released by depositories without requiring NOC from Exchange

Approval Conditions

BSE reserves right to withdraw in-principle approval if:

  • Information submitted is found incomplete, incorrect, misleading, or false
  • Contravention of any Rules, Bye-laws, Regulations of the Exchange
  • Violation of LODR Regulations, ICDR Regulations, or guidelines/regulations issued by statutory authorities

BSE Officials

  • Co-signatory: Avuri Visaria, Deputy Manager