SEPC532945Preferential allotment

Detailed valuation report shared for preferential issue; per-share valuation unchanged

SEPC has submitted a detailed valuation report (Annexure A) for its preferential issue of shares for other than cash consideration.

By ScoutQuest · Fri 23 Oct 2026, 1:23 PM IST · 2 min read

18.67%Promoter & Promoter Group holding

Promoter & Promoter Group holding: 18.67%.

Fair market value per equity share: INR 9.87
Minimum price per share (Reg 166A, SEBI ICDR 2018): INR 9.87
Valuation per share (unchanged): Rs. 10/- per share

Clarification, not a fresh valuation

SEPC has shared a disclosure in continuation of an earlier submission on a preferential issue of shares for consideration other than cash. The company is now providing a detailed valuation report along with calculations, attached as Annexure A, for better transparency and ease of understanding of stakeholders. It says this does not alter any figure, finding or conclusion in the valuation report.

The company's confirmation

There is no change in the valuation report. The valuation methodology, assumptions, conclusions and all figures, including the valuation of Rs. 10/- per share, remain unchanged and as originally disclosed.

What the attached valuation report contains

The report is by CA Ambika Singh, a registered valuer, dated 6 July 2026, and values the equity shares in connection with the proposed preferential issue.

Fair market value per equity share: INR 9.87 (Indian Rupees Nine and Eight Seven Paisa)
Minimum price per equity share as per Regulation 166A of SEBI ICDR 2018: INR 9.87

Value per share under each method used

NAV: 9.87
CCM - P/E Multiple: 4.94
PECV: 0.64
DCF: (1.27)
Market Price (market-based floor price under Regulation 164): 6.86

The valuer gave 100% weightage to the NAV method, as it was the highest and considered the most appropriate basis in the circumstances.

Why a valuation is needed

The company proposes to issue shares exceeding 5% of its post-issue fully diluted share capital to an allottee or allottees acting in concert, which requires a valuation of its shares under Regulation 166A. The shares qualify as frequently traded on both BSE and NSE, as the trading volume on each exchange during the 240 trading days preceding the relevant date exceeds 10% of the total number of equity shares.

Shareholding as on 31 March 2026

Promoter & Promoter Group: 36,31,70,551 shares (18.67%)
Other than Promoter & Promoter Group: 1,58,23,42,840 shares (81.33%)
Total: 1,94,55,13,391 shares

What a retail investor may take away

A preferential issue is priced with reference to such a valuation report, and the price at which new shares are issued is what determines dilution for existing holders. Here the update is a clarification that supplies a fuller version of a report already submitted, with the company stating the figures are unchanged. The covering letter refers to a valuation of Rs. 10/- per share, while the attached report's concluded fair market value is INR 9.87 per equity share. The report also carries limitations - it relies on information and projections provided by management and is not an audit, review or due diligence of that information.

Also from SEPC