Date: October 27, 2026
Board Meeting Outcomes
The company received in-principle approval from the National Stock Exchange of India Limited (NSE) for:
- Issue and allotment of up to 28,09,70,000 equity shares of face value ₹1 each at ₹2.60 per share (including premium of ₹1.60 per share), aggregating ₹73,05,22,000
- Issue and allotment of up to 14,50,00,000 convertible warrants of face value ₹1 each at ₹2.60 per warrant (including premium of ₹1.60 per warrant), aggregating ₹37,70,00,000
- Total fundraising amount: ₹110,75,22,000
Regulatory Compliance Requirements
The in-principle approval (Ref: NSE/LIST/57435 dated October 26, 2026) is subject to the following conditions:
- Filing listing application promptly after allotment
- Obtaining statutory approvals from SEBI, RBI, MCA, and other authorities
- Compliance with all applicable guidelines, regulations, and directions
- Adherence to SEBI (LODR) Regulations, 2015, Companies Act, and other laws
- Submission of required documents and payment of applicable fees to NSE
Special Conditions for Allottee Monitoring
NSE specifically advised the company to strengthen internal controls to monitor trades by proposed allottees:
- The company must obtain undertakings from allottees confirming they will not engage in intra-day trading or any sale in the company's scrip until the security allotment date
- The responsibility for verification and compliance with SEBI ICDR regulations, particularly Regulation 167(6), rests solely with the issuer company
- Any non-compliances observed post-undertaking may impact the listing of such shares
Important Notes
- The approval does not constitute approval under any other Act/Regulation/rule/byelaws
- The company must separately seek approvals from other departments if required
- NSE reserves the right to withdraw approval if submitted information is found incomplete/incorrect/misleading/false or in contravention of regulations