Approval Details

The approval was granted via BSE letter reference LOD/PREF/KS/FIP/920/2026-27 dated October 12, 2026. The approval covers the issuance of 38,71,854 equity shares of ₹10 each at an issue price of ₹40 per equity share to non-promoters on a preferential basis pursuant to a Share Swap arrangement.

Regulatory Compliance Requirements

The BSE approval specifies that:

  • The issue and allotment must comply with Companies Act 2013, SCRA 1956, SEBI Act 1992, Depositories Act 1996, Chapter V of SEBI ICDR Regulations 2018, and SEBI LODR Regulations 2015
  • The company must obtain all necessary statutory approvals
  • This in-principle approval does not constitute final listing approval

Internal Control Requirements

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

  • Obtaining undertakings from allottees confirming they will not engage in intra-day trading or any sale in the company's scrip until the allotment date
  • The responsibility for verification and compliance rests solely with the issuer company under Regulation 167(6) of SEBI ICDR regulations, 2018
  • Any non-compliances observed post-undertaking may impact the listing of such shares

Post-Allotment Requirements

Upon allotment, the company must:

  • Make a listing application without delay with applicable fees under Regulation 14 of LODR Regulations
  • Comply with all post-issue formalities
  • Submit the listing application within twenty days from the date of allotment as per Schedule XIX - Para (2) of ICDR Regulations and SEBI circular dated June 21, 2023
  • Non-compliance with the 20-day requirement will attract fines as specified in the SEBI circular

Conditions and Reservations

The Exchange reserves the right to withdraw this in-principle approval at any stage if:

  • Submitted information is found incomplete, incorrect, misleading, or false
  • The company contravenes any Rules, Bye-laws, and Regulations of the Exchange, LODR Regulations, ICDR Regulations, or guidelines/regulations issued by statutory authorities