In-principle approval from BSE and NSE received for 16,21,000 convertible warrants

In-principle approval received from BSE and NSE for issue of 16,21,000 convertible warrants on preferential basis to the Promoter and Promoter Group.

Thu 8 Oct 2026

Convertible Warrants

16,21,000 convertible warrants on preferential basis to Promoter and Promoter Group

Conversion Terms

16,21,000 equity shares of face value Rs. 5/- each

Issue Price

Rs. 566/- each

What was announced

The company informed BSE Limited and National Stock Exchange of India Limited that it has received in-principle approval for the issue of 16,21,000 convertible warrants on a preferential basis to the Promoter and Promoter Group.

Key terms as stated

• Warrants: 16,21,000
• Convertible into: 16,21,000 equity shares of face value Rs. 5/- each
• Issue price: Rs. 566/- each
• Allottees: Promoter and Promoter Group of the company
• Route: preferential basis in terms of Regulation 28(1)

What an in-principle approval is

In-principle approval is the exchanges' clearance for the securities being issued to be listed once the process is completed. The NSE letter sets out conditions the company must fulfil, including:

• Update the listing application at the earliest from the date of allotment
• Receipt of statutory and other approvals, and compliance with guidelines of statutory authorities including SEBI, RBI and MCA
• Compliance with all applicable guidelines, regulations and directions of the exchange or any statutory authorities as on the date of listing application
• Compliance with all conditions under SEBI (LODR) Regulations, 2015, Companies Act, 1956 / Companies Act, 2013 and other applicable laws
• Submission of documents as may be required by NSE and payment of applicable fees

Additional points in the NSE letter

• The company is advised to strengthen internal controls to monitor trades executed by the proposed allottees in the scrip before allotment of securities
• The company is advised to obtain an undertaking from the allottee(s) that they will not do intra-day trading in the scrip or any sale in the scrip till the allotment date
• The onus to verify this and ensure compliance, including with Regulation 167(6) of the SEBI ICDR Regulations, 2018, is solely on the issuer company
• Any non-compliance observed by the exchanges after the undertaking and verification may impact the listing of such shares
• The exchange reserves the right to withdraw the in-principle approval at a later stage if the information submitted is found incomplete, incorrect, misleading, false or in contravention of applicable rules and regulations

Point on the BSE letter

The in-principle approval letter received from BSE contains certain factual errors that require rectification. The company has stated that the corrected letter will be intimated to the exchanges separately upon its receipt.

What investors may note

• On conversion, the warrants would result in the issue of 16,21,000 equity shares at Rs. 566/- each to the Promoter and Promoter Group.
• The approval is in-principle and comes with conditions; the listing of the shares would follow those conditions being met.

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