The in principle approval application, prior to prefrential allotment, made by the Company for issuance of equity shares upon conversion of the loans received from the lenders.
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India Homes Limited received BSE's in-principle approval for converting an outstanding loan of ₹22.02 crore into 15,070,000 equity shares. The loan was taken from promoters after shareholder approval in August 2025. A default occurred under the loan terms, prompting lenders to mandate conversion into equity under Section 62(3) of the Companies Act, 2013. BSE sought clarifications on Regulation 160(f) compliance regarding when in-principle approval should have been sought. Despite the company's submissions arguing the conversion falls under Section 62(3) rather than a preferential issue, BSE closed the application on April 29, 2026 citing non-receipt of required documents. The company claims clarifications were submitted and is seeking reconsideration.
The application closure delays but does not permanently block the loan-to-equity conversion. The company states there is no material impact on its financial or operational activities, and it is pursuing clarification from BSE to revive the application.