Key Quantitative Figures

  • Revised Preferential Issue Size: 5,64,51,732 Equity Shares (reduced from 5,67,51,732 shares)
  • Revised Aggregate Issue Consideration: ₹79,03,24,248 (reduced from ₹79,45,24,248)
  • Issue Price: ₹14 per Equity Share (₹10 face value + ₹4 premium)
  • BEPL Acquisition: 31,03,479 shares (99.35% stake, reduced from 31,23,479 shares representing 100%)
  • BEPL Consideration: 4,65,52,185 Equity Shares of IISL (reduced from 4,68,52,185 shares)
  • Bliss Cab Acquisition: 1,23,12,870 shares (100% stake, unchanged)
  • Bliss Cab Consideration: 98,99,547 Equity Shares of IISL (unchanged)
  • Implied BEPL Valuation: ₹65,17,30,590 (reduced from ₹65,59,30,590)
  • Implied Bliss Cab Valuation: ₹13,85,93,658 (unchanged)

Dates of Action

  • Original AGM Notice Date: September 03, 2026
  • Board Meeting Date for Modifications: September 17, 2026
  • AGM Date: September 28, 2026 at 3:30 PM IST
  • Relevant Date for Pricing: August 28, 2026

Parties Involved

  • Regulatory Authority: BSE Limited
  • Target Companies: Blisstering Electronics Private Limited (BEPL), Bliss Cab Electronics Private Limited (Bliss Cab)
  • Valuer: Mr. Hitesh Jhamb, Registered Valuer (IBBI Registration No. IBBI/RV/11/2019/12355)
  • Company Secretary: M/s. Amit Saxena & Associates
  • Key Signatories: Anand Kumar Jain (Additional Director and CFO), CS Savitri Kumari (Company Secretary and Compliance Officer)

Specific Modifications

1. Allottee Changes

  • Withdrawal: Mr. Anshul Aggarwal (3,00,000 Equity Shares withdrawn)
  • Transmission: Ms. Ritu Surana's 3,33,000 shares transmitted to Mr. Kaushal Surana
  • Revised Allotment: Mr. Kaushal Surana's allotment increased from 3,33,000 to 6,66,000 shares (post-issue holding from 0.53% to 1.06%)

2. Acquisition Terms Revision

  • BEPL Stake: Reduced from 100% to 99.35% of paid-up equity share capital
  • BEPL Shares: Reduced from 31,23,479 to 31,03,479 shares
  • Swap Ratio: Maintained at 15:1 (15 IISL shares for every 1 BEPL share)

3. Shareholding Pattern Updates

  • Revised pre-issue and post-issue shareholding tables incorporated
  • Added missing disclosure of VM Finserve and Asset Management shareholding (3,00,000 shares, 0.48% post-issue)

4. Promoter Classification

Five acquirers (Misun Pure Lights Private Limited, Ravi Prakash Bothra, Vaaibhav Bothrra, Ashish Arora, and Rajesh Arora) will trigger open offer requirements under SEBI SAST Regulations and may be classified as Promoters post-completion.

Financial Impact

  • No Monetary Proceeds: The preferential issue is for consideration other than cash (share swap)
  • Capital Structure Change: Post-issue paid-up share capital will increase to approximately 6.29 crore shares from current 64.74 lakh shares
  • Promoter Holding: Expected to increase from 1.95% (1,26,100 shares) to 50.98% (3,20,78,452 shares) post-issue

Board Approval and Rationale

Modifications approved by Board on September 17, 2026 based on:

  • Review of proposed allottee documents and declarations
  • Withdrawal of one proposed allottee
  • Revision of transaction details
  • Instructions from BSE Limited regarding in-principle approval application

Voting Rights and Control Changes

The preferential issue is expected to result in change of control with five acquirers collectively obtaining approximately 50.78% of post-issue paid-up capital, triggering open offer requirements under SEBI SAST Regulations.

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