EGM Details

  • Meeting Date: Wednesday, October 14, 2026 at 04:00 PM IST
  • Mode: Video Conferencing/Other Audio-Visual Means (VC/OAVM)
  • Cut-off Date: Wednesday, October 07, 2026 for determining members eligible to vote
  • Remote e-Voting Period: From 9:00 AM IST on Friday, October 09, 2026 to 5:00 PM IST on Tuesday, October 13, 2026
  • Results Publication: On or before Friday, October 16, 2026

Resolution Details

Special Resolution: To approve issuance of equity shares by way of preferential issue on private placement basis

Preferential Issue Particulars

  • Total Shares: Up to 2,64,93,882 (Two Crores Sixty-Four Lakhs Ninety-Three Thousand Eight Hundred and Eighty-Two) equity shares
  • Face Value: INR 1 per share
  • Issue Price: INR 314.11 per share (including premium of INR 313.11)
  • Total Amount: INR 8,32,19,93,275.02 (Eight Hundred Thirty-Two Crore Nineteen Lakh Ninety-Three Thousand Two Hundred and Seventy-Five and Two Paise)
  • Relevant Date: September 11, 2026 for floor price determination

Proposed Allottees (34 Entities)

The preferential issue is to non-promoter entities including:

Foreign Portfolio Investors (Category I):

  • 238 Plan Associates, LLC (USA) - 4,77,539 shares (INR 14.99 crore)
  • Ashoka WhiteOak Emerging Markets Trust PLC (UK) - 64,308 shares (INR 2.02 crore)
  • Ashoka WhiteOak ICAV - Emerging Markets Equity Fund (Ireland) - 10,69,688 shares (INR 33.60 crore)
  • Ashoka WhiteOak ICAV - India Opportunities Fund (Ireland) - 12,53,700 shares (INR 39.38 crore)
  • Citigroup Global Markets Hong Kong Ltd - 7,95,899 shares (INR 24.99 crore)
  • Envision India Fund (Mauritius) - 12,73,439 shares (INR 39.99 crore)
  • LC Pharos Multi Strategy Fund VCC (Singapore) - 4,77,539 shares (INR 14.99 crore)
  • Massachusetts Institute of Technology (USA) - 25,46,878 shares (INR 79.99 crore)
  • Massachusetts Institute of Tech Basic Retirement Plan (USA) - 1,59,179 shares (INR 4.99 crore)

Mutual Funds:

  • Axis Flexi Cap Fund - 15,47,228 shares (INR 48.60 crore)
  • Axis Multi Cap Fund - 13,30,744 shares (INR 41.80 crore)
  • Axis Small Cap Fund - 34,89,223 shares (INR 109.60 crore)
  • Bandhan Small Cap Fund - 6,11,250 shares (INR 19.20 crore)
  • Groww Banking & Financial Services Fund - 28,652 shares (INR 0.90 crore)
  • Groww Multi Cap Fund - 5,85,782 shares (INR 18.40 crore)
  • Groww Small Cap Fund - 3,21,543 shares (INR 10.10 crore)
  • Groww Value Fund - 19,101 shares (INR 0.60 crore)
  • HDFC Banking & Financial Services Fund - 22,28,518 shares (INR 69.99 crore)
  • HDFC Innovation Fund - 9,55,079 shares (INR 29.99 crore)

Category III Alternative Investment Funds:

  • 360 One Equity Opportunity Fund - 6,36,719 shares (INR 19.99 crore)
  • 360 One Equity Opportunity Fund - Series 4 - 4,77,539 shares (INR 14.99 crore)
  • AAA GEMS FUND - 9,55,079 shares (INR 29.99 crore)
  • Alchemy Emerging Leaders of Tomorrow - 1,59,179 shares (INR 4.99 crore)
  • Alchemy Long Venture Term Fund, Series 3 - 3,18,359 shares (INR 9.99 crore)
  • First Bridge India Growth Fund - 6,36,719 shares (INR 19.99 crore)
  • High Conviction Fund - Series 1 - 4,77,539 shares (INR 14.99 crore)
  • Insightful Flexicap Fund - 3,18,359 shares (INR 9.99 crore)
  • India Nippon Equity Opportunities AIF-Scheme 9 - 7,95,899 shares (INR 24.99 crore)
  • Pranitya India Opportunities Fund - 3,50,195 shares (INR 10.99 crore)

Other Entities:

  • Ameeta Rajendra Naik (Individual) - 63,671 shares (INR 1.99 crore)
  • Bhavanji Anil Shah (Individual) - 1,59,179 shares (INR 4.99 crore)
  • JAS Advisory Services LLP (Body Corporate) - 6,36,719 shares (INR 19.99 crore)
  • Laxminarayan Vyapaar Pvt Ltd (Body Corporate) - 4,77,539 shares (INR 14.99 crore)
  • Unity Small Finance Bank Ltd (Scheduled Commercial Bank) - 7,95,899 shares (INR 24.99 crore)

Objects of the Issue

1. Augmenting capital base of subsidiary Si Creva: At least INR 624.15 crore (75% of proceeds) to meet future capital requirements of NBFC subsidiary for compliance with RBI capital adequacy norms

2. General Corporate Purposes: Up to INR 208.05 crore (25% of proceeds) for capital expenditure, IT infrastructure, business development, distribution network, and administrative expenses

Utilization Timeline

  • Proceeds to be utilized till end of fiscal year 2028
  • Pending utilization, funds may be invested in money market instruments, bank deposits, government securities, etc.

Monitoring Agency

  • CRISIL Ratings Limited appointed as monitoring agency as issue size exceeds INR 100 crore
  • Quarterly monitoring reports to be submitted and uploaded on company website

Pricing Rationale

Issue price of INR 314.11 determined as higher of:

1. IPO price: INR 171

2. Average VWAP since listing: INR 260.48

3. 10-day VWAP preceding relevant date: INR 314.11

Certification from Chokshi & Chokshi LLP confirms compliance with SEBI ICDR Regulations.

Lock-in Requirements

  • Entire pre-preferential allotment shareholding of proposed allottees subject to lock-in as per SEBI ICDR Regulations
  • Equity shares allotted pursuant to preferential issue subject to lock-in under Regulation 167 of SEBI ICDR Regulations

Shareholding Pattern Impact

  • Pre-issue promoter holding: 22.97% (4,17,85,126 shares)
  • Post-issue promoter holding: 20.05% (4,17,85,126 shares) - no change in absolute shares
  • Post-issue fully diluted paid-up capital: 20,84,04,114 shares
  • No change in control/management of the company

Authorizations

Mr. Ranvir Singh (Chairman, CEO & Executive Director), Mr. Krishnan Vishwanathan (CFO & Executive Director), and Company Secretary & Compliance Officer authorized to:

  • Execute all documents related to preferential issue
  • Make applications to regulatory authorities
  • Allot equity shares subject to approvals
  • Open bank accounts for proceeds

Other Appointments

  • Scrutinizer: Ms. Ramadevi Satish Venigalla, Practicing Company Secretary
  • RTA: KFin Technologies Limited
  • E-voting Service Provider: National Securities Depository Limited (NSDL)

Documents Available

  • Explanatory statement pursuant to Section 102 of Companies Act, 2013
  • Practicing Company Secretary certificate pursuant to Regulation 163(2) of SEBI ICDR Regulations
  • Chartered Accountant certificate for price computation
  • All documents available for inspection at registered office

#Tags: #OnEMITechnology #PreferentialIssue #SEBIDisclosure #Fundraising #FinancialServices #Neutral