Update on Listing Application on allotment of Equity Shares on Preferential basis
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Awaiting price reaction for this filing.
Jetking Infotrain had allotted 3,96,156 equity shares on a preferential basis at Rs. 154 per share (including Rs. 144 premium), raising up to Rs. 6.10 crore, with proceeds intended partly for investment in virtual digital assets (cryptocurrency). BSE has now returned the company's listing application for these shares, citing that the issue's object includes speculative virtual digital asset investments. BSE stated that its policy on virtual digital assets is under review and it will not process such applications until a final view emerges. The company has acknowledged the development and said it is examining the matter to determine next steps. The shares, though allotted, currently cannot be listed and traded on BSE until the issue is resolved.
This is a negative development for shareholders and potential investors as the newly allotted shares remain unlisted, limiting liquidity. It also raises governance concerns about the company's intent to deploy raised funds in speculative crypto assets, which could affect investor confidence and the stock's perception.