Date: 24th September, 2026
Board Meeting Outcomes
- The Preferential Issue Committee of the Board decided to withdraw the proposed issue of 45,95,795 warrants convertible into equity shares
- The warrants were to be issued to promoters group entity at a price of ₹102.87 per warrant
- The total value of the proposed issue was approximately ₹47.3 crore (45,95,795 warrants × ₹102.87)
Reasons for Withdrawal
- To consider fresh issue in future with such objects as may be necessary
- To meet requirements of the Company in future as and when necessary
- The original objective was to strengthen working capital requirements, which have now been arranged and met by way of other means
Regulatory Status
- The Company had made application for in-principal approval for the proposed Issue to BSE Limited and National Stock Exchange of India Limited
- The Company will withdraw the said applications
- All disclosures/intimations/submissions made to the Stock Exchanges in connection with this preferential issue are to be treated as withdrawn
Financial Impact Assessment
- The Company clarifies that the withdrawal shall not have any adverse impact on the financial position and operations of the Company
Historical Context
- Initial intimation of the preferential issue was made on February 25, 2026
- Further intimation was made on March 10, 2026