Application for In-principal approval' for the issue and allotment of 1,52,82,000 (One Crore Fifty-Two Lakh Eighty-Two Thousand Only) Convertible Equity Warrants to be issued on a preferential ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.5 pts less than Nifty Microcap 250 and 2.5 pts less than its Other Food Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Jetmall Spices and Masala Ltd had applied to BSE on September 1, 2025 for in-principle approval to issue 1,52,82,000 convertible equity warrants on a preferential basis. On October 20, 2025, the BSE portal updated the status of this application as 'Rejected,' though the company has not yet received any formal letter or email explaining the reasons for rejection. The BSE remarks visible on the portal show several serious concerns: the proposed issue size of around Rs. 35.14 crore is nearly four times the company's current balance sheet size of Rs. 9.05 crore, and the stated purpose of the issue — providing loans and financial assistance to start-ups and early-stage companies — does not align with the company's main objects as per its Memorandum of Association, which covers trading in spices, masala, foodgrains and kirana products. BSE also raised questions about related party transactions, FDI compliance, NBFC activity classification, and the status of Bridge India Fund as a prospective promoter. The company has stated it is evaluating its next course of action.
This is a setback for the company's capital-raising plans through the preferential warrant route. Until the issues are resolved and fresh approval obtained, the company cannot proceed with this fundraising, which may delay growth plans and create uncertainty for shareholders watching the stock.