Sri Adhikari Brothers Television Network Limited has informed the Exchange aregarding Corrigendum to the Notice of the Extraordinary General Meeting ( EGM )
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Sri Adhikari Brothers Television Network has issued a corrigendum to its EGM notice (scheduled for 14 July 2025) at the request of NSE, providing clarifications on two preferential issue items. Item 2 involves the issuance of 1.5 crore equity shares, with all Rs. 15 crore of proceeds earmarked for working capital. Item 3 involves the issuance of 6.80 crore convertible warrants, with all Rs. 68.02 crore of proceeds also earmarked for working capital, bringing the total proposed raise to about Rs. 83 crore. The corrigendum clarifies that no existing promoter, director, or KMP is subscribing, and that the main allottee, Mr. Kurjibhai Premjibhai Rupareliya, is separately acquiring 59.12% from the existing promoter group (Ruani Media Service) via a Share Purchase Agreement, which along with his preferential allotment will trigger an SEBI-mandated open offer and result in a change of control. A detailed list of 107 proposed allottees, including several foreign funds, is also disclosed.
Existing shareholders should brace for significant dilution from the preferential issue plus any subsequent warrant conversion, and a change of control is imminent as a new promoter group takes over via SPA plus preferential allotment and open offer. The stock may see volatility around the 14 July EGM outcome, and the open offer price will be a key reference point for minority shareholders.