Date: September 12, 2026

Board Meeting Outcomes

The company has received in-principle approval from both stock exchanges for a preferential issue of equity shares to promoters:

  • BSE approval reference: LOD/PREF/RB/FIP/769/2026-27S dated September 11, 2026
  • NSE approval reference: NSE/LIST/56945-1 dated September 11, 2026
  • Issue of 12,50,000 Equity Shares of face value of ₹1 each
  • Issue price: not less than ₹600 per Equity Share
  • Allottees: Promoters of the company

Regulatory Compliance Requirements

The approvals are subject to strict compliance with multiple regulations:

  • Companies Act, 2013
  • Securities Contracts (Regulation) Act, 1956
  • SEBI Act, 1992
  • Depositories Act, 1996
  • Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations)
  • SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations)
  • Listing Agreement with exchanges

Specific Conditions and Advisory

The exchanges have advised the company to strengthen internal controls regarding trades by proposed allottees:

  • Company must obtain undertaking from allottees confirming they will not do intra-day trading in the company scrip
  • Allottees must not execute any sale in the company scrip until the allotment date
  • Responsibility for verification and compliance rests solely with the issuer company
  • Non-compliances observed post-undertaking may impact listing of such shares

Post-Allotment Requirements

The company must:

  • Make listing application without delay after allotment with applicable fees
  • Submit listing application within twenty days from date of allotment as per SEBI circular SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023
  • Comply with all post-issue formalities
  • Obtain statutory and other approvals from SEBI, RBI, MCA, etc.

Reservation of Rights

Both exchanges reserve the right to withdraw the in-principle approval if:

  • Information submitted is found incomplete/incorrect/misleading/false
  • There is contravention of any Rules, Bye-laws and Regulations of the Exchange
  • Violation of LODR Regulations, ICDR Regulations
  • Non-compliance with Guidelines/Regulations issued by statutory authorities