Key Quantitative Figures
The proposed issue involved:
- Number of shares: 27,516,513 equity shares
- Face value: ₹1 per share
- Issue price: ₹36.00 per share
- Total value: ₹99,05,94,474 (₹99.06 crore)
- Nature: Conversion of unsecured loan into equity
Dates of Action
- Original Board approval: 29th May, 2026
- Cancellation approval: 12th August, 2026
- Disclosure date: 12th August, 2026
Parties Involved
- Issuer: SBC Exports Limited
- Allottees: Promoters and promoter group
- Regulatory authorities: National Stock Exchange of India Limited, BSE Limited, SEBI
Purpose/Rationale
The preferential issue was intended to convert existing unsecured loan from promoters and promoter group into equity shares on a preferential basis.
Reason for Cancellation
The proposed preferential issue has been terminated due to "certain procedural and regulatory complexities encountered during the implementation of the proposed Issuance of Securities."
Financial Impact
The cancellation means the company will not proceed with the conversion of the ₹99.06 crore unsecured loan into equity. The loan liability remains outstanding instead of being converted to equity capital.
Capital Structure Impact
The cancellation prevents dilution that would have occurred through the issuance of 27,516,513 equity shares to promoters and promoter group.
Additional Information
The disclosure includes Annexure I with requisite details as per SEBI circular requirements. The company's Compliance Officer, Hariom Sharma (Company Secretary, Membership No. A41738), signed the disclosure.