Neogen Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on March 07, 2026.
NEOGEN · price
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The Board of Neogen Chemicals, at its meeting on March 7, 2026, approved issuing 10 lakh equity shares at Rs. 1,610 per share (a Rs. 1,600 premium over the Rs. 10 face value), aggregating to Rs. 161 crore, on a preferential basis to Cadamba Solutions Private Limited, a promoter group entity. The issue price is 17.02% above the floor price of Rs. 1,375.82 determined under SEBI ICDR Regulations. Post-allotment, Cadamba Solutions will hold 3.65% of the company. The shares will be locked in for 18 months. An Extra Ordinary General Meeting has been scheduled for March 29, 2026, with the record date set as March 20, 2026, to seek shareholder approval. The company has also sought SEBI exemption under regulation 300 of ICDR Regulations following inter se transfers among promoter group members in December 2025.
Existing shareholders will see a marginal 3.65% dilution, but since the capital is coming from a promoter group entity increasing its stake, it is generally viewed as a confidence signal. The issue price carries a healthy 17% premium over the regulatory floor price, which is favourable. Final allotment remains subject to shareholder and regulatory approvals at the upcoming EGM.