Corrigendum to AGM Notice: revised Item No. 6 on preferential issue of 22,25,00,000 convertible warrants
Corrigendum to the 22nd AGM notice (AGM on 30 Sept 2026).
By ScoutQuest · · 2 min read
- Warrant Quantity
- 22,25,00,000 fully convertible warrants
- Issue Price per Warrant
- Rs. 3.80 each
- Total Aggregate Amount
- Rs. 84,55,00,000
- Promoter Rohit Gupta Allocation
- 8,00,00,000 warrants
- Payment Terms
- 25% upfront, 75% on conversion; conversion within 18 months
What was shared
Sarveshwar Foods issued a corrigendum to the notice of its 22nd Annual General Meeting dated 5 September 2026. The AGM is scheduled for Wednesday, 30 September 2026 at 12:00 noon in Jammu. The notice had been emailed to shareholders on 8 September 2026.
Why the corrigendum
NSE and BSE, by letters dated 15 September 2026 and 17 September 2026 respectively, asked the Company to provide certain clarifications and information on the proposed preferential issue by way of a corrigendum. Accordingly, Item No. 6 and its explanatory statement are replaced. A typographical error in the name of one beneficiary owner was also rectified. All other contents of the AGM notice remain unchanged.
Revised Item No. 6 in brief
- Preferential allotment of up to 22,25,00,000 fully convertible warrants, each convertible into one equity share of face value Re.1/-.
- Issue price Rs. 3.80/- per warrant, aggregating up to Rs. 84,55,00,000/-.
- Relevant Date for pricing: 31 August 2026.
- Allottees are from the Promoter & Promoter Group and Non-Promoter Public categories.
Proposed allottees (selected)
- Rohit Gupta (Promoter): 8,00,00,000 warrants
- Bridge India Fund: 4,25,00,000 warrants
- PMC Fincorp Limited: 3,00,00,000 warrants
- Salasar Capital Invesco: 1,50,00,000 warrants
- Several individuals and an HUF at 50,00,000 or 25,00,000 warrants each
Key terms
- At least 25% of the warrant issue price is payable on or before allotment; the balance 75% on exercising conversion.
- Conversion into equity shares must be done within 18 months from the date of allotment; otherwise warrants lapse and money paid is forfeited.
- Warrants carry no voting rights until converted; allotment in dematerialised form only.
- Pre-preferential shareholding of allottees, the warrants and the resulting shares are subject to lock-in under SEBI ICDR Regulations; warrants cannot be sold, transferred, hypothecated or encumbered during lock-in.
- Shares issued on conversion will rank pari passu with existing equity shares.
What it means for shareholders
The resolution is proposed as a Special Resolution, so it requires shareholder approval at the AGM. If approved and fully converted, new equity shares would be issued, which increases the share count. The company had shared for in-principle approval from the stock exchanges under Regulation 28(1) of SEBI LODR.
More numbers
- Warrants proposed22,25,00,000
- Issue price per warrantRs. 3.80/-
- Aggregate issue sizeRs. 84,55,00,000/-
- Face value per equity shareRe.1/-
- Warrants to Rohit Gupta (Promoter)8,00,00,000
- Warrants to Bridge India Fund4,25,00,000
- Warrants to PMC Fincorp Limited3,00,00,000
- Warrants to Salasar Capital Invesco1,50,00,000
- Upfront payment on allotment25%
- Balance payable on conversion75%
- Conversion period from allotmenteighteen (18) months
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