Key Quantitative Figures
- Penalty Imposed: ₹1,65,200 (Rupees One Lakh Sixty-Five Thousand Two Hundred only) by each stock exchange (NSE and BSE).
- Previous Promoter & Promoter Group Holding: 84.02%
- Previous Public Shareholding: 15.98%
- QIP Shares Allotted: 7,11,00,000 (7.11 crore) Equity Shares
- Revised Promoter & Promoter Group Holding: 74.03%
- Revised Public Shareholding: 25.97%
Parties Involved
- Listed Entity: Diamond Power Infrastructure Limited (Scrip Code: 522163, NSE: DIACABS)
- Regulatory Authorities: National Stock Exchange of India Limited (NSE), BSE Limited
- Counterparties in QIP: Eligible Qualified Institutional Buyers
Purpose or Rationale
The disclosure is a mandatory intimation regarding communication received from the stock exchanges concerning a past breach of Regulation 38 (Minimum Public Shareholding) of the SEBI (LODR) Regulations, 2015, and the actions taken to remedy it.
Financial and Operational Impact
- Direct Financial Impact: A confirmed penalty liability of ₹3,30,400 (₹1,65,200 payable to each exchange).
- Capital Structure Impact: The company's capital structure was altered by the issuance of 7.11 crore new equity shares via QIP.
- Compliance Status: The corrective action has restored the company's compliance with the minimum public shareholding requirement of 25%, with the public holding now at 25.97%.
Action Taken
The company completed a Qualified Institutions Placement (QIP), allotting 7,11,00,000 equity shares to Qualified Institutional Buyers. This issuance reduced the promoter group's stake and increased the public shareholding, thereby rectifying the non-compliance.