Intimation of Approval received for Listing 3,50,00,000 Equity Shares on a Preferential Basis.
Awaiting price reaction for this filing.
SJ Corporation Ltd has received listing approval from BSE Limited for 3,50,00,000 equity shares of Re. 1/- face value each, issued at Rs. 12 per share (including Rs. 11 premium). The shares were allotted on a preferential basis to proposed promoters and non-promoters. The total fundraising amount is approximately Rs. 42 crore. The company must now file trading approval within seven working days along with NSDL/CDSL confirmation letters for share crediting and lock-in compliance.
This preferential allotment will significantly dilute existing shareholder equity. The large issuance of 3.5 crore shares (potentially a major portion of total capital) to promoters and non-promoters suggests possible change in control or substantial new investment in the company.