Company hereby submit withdrawal letter pursuant to Preferential issue of 5,65,11,000 convertible equity warrants as approved by Board of Directors at their meeting held on today i.e. December ....
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BGIL Films & Technologies has withdrawn its application to BSE for in-principle approval to issue 5,65,11,000 convertible equity warrants at ₹14 per warrant, aggregating to about ₹79.12 crore, to 74 non-promoter allottees. The Board had originally approved this on September 5, 2025, and shareholders had cleared it on September 30, 2025, but prolonged delays by BSE in granting in-principle approval caused several proposed investors to back out. With investor commitments falling through, the company can no longer proceed with the issue in its current form and has formally withdrawn the application. The company says it is evaluating alternative fund-raising options and may approach the exchange again with new investors.
This is a negative development for shareholders — the company has lost its planned ~₹79 crore fundraising route for now, which could delay growth plans or worsen liquidity. The stock may face short-term pressure given the failed capital raise and signalling of investor hesitancy.