Details of Approval

  • Regulatory Authority: BSE Limited (BSE)
  • Approval Reference: Letter No. LOD/PREF/KS/FIP/435/2026-27 dated June 24, 2026
  • Approval Type: In-principle approval under Regulation 28(1) of SEBI LODR Regulations

Securities Issue Details

Equity Shares to Non-Promoters

  • Quantity: 17,54,384 (Seventeen Lakhs Fifty Four Thousand Three Hundred and Eighty Four) equity shares
  • Face Value: ₹10 per share
  • Issue Price: ₹57 per equity share (including premium of ₹47 per share)
  • Total Value: ₹10,00,00,088 (17,54,384 shares × ₹57)
  • Allottee Category: Non-Promoter Investors

Warrants to Promoters

  • Quantity: 3,94,735 (Three Lakhs Ninety Four Thousand Seven Hundred and Thirty Five) warrants
  • Conversion: Each warrant convertible into one equity share within 18 months
  • Warrant Issue Price: ₹57 per warrant
  • Total Potential Equity: 3,94,735 equity shares upon full conversion
  • Allottee Category: Specified Promoter Group shareholders

Regulatory Compliance Requirements

The approval is subject to compliance with:

  • Companies Act, 2013
  • Securities Contracts (Regulation) Act, 1956
  • SEBI Act, 1992
  • Depositories Act, 1996
  • 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

Specific Conditions and Advisory

  • Company must strengthen internal controls to monitor trades by proposed allottees
  • Must obtain undertaking from allottees confirming they will not do intra-day trading or any sale in the company scrip until allotment date
  • Responsibility for verification and compliance with Regulation 167(6) of SEBI ICDR regulations rests solely with the issuer company
  • Any non-compliances observed post-undertaking may impact listing of shares
  • Company must make listing application within 20 days from date of allotment as per SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023
  • For convertible securities, depositories will automatically release excess lock-in period of pre-preferential holding without requiring NOC from Exchange

Impact and Relevance

The in-principle approval permits the company to proceed with the issue and allotment of the specified shares and warrants through preferential allotment. The approval does not constitute final listing approval, which must be obtained separately.

Validity Period

The approval is valid as per relevant applicable provisions. The Exchange reserves the right to withdraw approval if submitted information is found incomplete/incorrect/misleading/false or if it contravenes any rules, regulations, or guidelines.

Financial Impact

Financial impact not quantified in the disclosure beyond the issue size and pricing details.