Exchanges grant in-principle approval for preferential issue of 4,78,435 equity shares
Tega Industries has received in-principle approval from NSE and BSE for a preferential issue.
- Equity Shares to be Issued
- 4,78,435 equity shares of Rs. 10/- each
- Issue Price
- Rs. 1,994/- per equity share
- Allottee
- a Non-Promoter entity, on preferential basis
Exchanges clear a preferential issue to move ahead
The company has informed the exchanges that NSE and BSE have granted In-Principle approval under Regulation 28(1) of the SEBI Listing Regulations for a preferential issue.
What has been approved
- Issue and allotment of 4,78,435 equity shares
- Face value of Rs. 10/- each
- At an issue price of Rs. 1,994/- per equity share
- To a Non-Promoter entity, on a preferential basis
- Upon receipt of these in-principle approvals, the company is permitted to issue and allot these shares to the proposed allottee
What the exchanges have asked the company to do
- File the listing application at the earliest from the date of allotment
- Obtain statutory and other approvals and comply with guidelines of authorities including SEBI, RBI and MCA
- Comply with the SEBI (LODR) Regulations, 2015, the Companies Act, 1956 / Companies Act, 2013 and other applicable laws as on the date of listing
- Submit documents the exchange may require and pay applicable fees
- Obtain an undertaking from the allottee(s) that they will not do intra-day trading in the company's scrip, or any sale in the scrip, till the allotment date
What the approval does not settle
- The in-principle approval is subject to the company fulfilling conditions, including compliance with applicable regulations as on the date of listing
- The exchange has said it reserves the right to withdraw the in-principle approval at a later stage if information submitted is found to be incomplete, incorrect, misleading or false, or contravenes applicable rules and regulations
- The exchange has also said that any non-compliance observed after the undertaking and verification by the issuer company may impact the listing of such shares
A point to keep in mind
A preferential issue adds to the total number of equity shares once the shares are allotted. The two figures a reader can track here are the 4,78,435 shares to be issued and the issue price of Rs. 1,994/- per share. The listing application after allotment is required within twenty days from the date of allotment.
More numbers
- Equity shares proposed to be issued on preferential basis4,78,435 equity shares
- Face value per equity shareRs. 10/-
- Issue price per equity shareRs. 1,994/-
- Timeline for listing application after allotmentwithin twenty days
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