Neogen Chemicals Limited has informed the Exchange about Outcome of board meeting approving issue of 10,00,000 equity shares on preferential issue basis and approving Notice of EGM and related timelines.
NEOGEN · price
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Neogen Chemicals' board, on March 7, 2026, approved the issuance of 10,00,000 equity shares at Rs. 1,610 per share (face value Rs. 10, premium Rs. 1,600), aggregating to Rs. 161 crores on a preferential basis. The issue price is 17.02% above the floor price of Rs. 1,375.82 calculated as per SEBI ICDR Regulations. The sole allottee is Cadamba Solutions Private Limited, a promoter group entity, which currently holds no shares but will hold 3.65% post-allotment. An Extra Ordinary General Meeting has been scheduled for March 29, 2026, with a record date of March 20, 2026, to seek shareholder approval. The allotted shares will be subject to an 18-month lock-in period as per SEBI norms.
This is a promoter group equity infusion of Rs. 161 crores at a premium to floor price, signalling promoter confidence but also resulting in a 3.65% dilution for existing shareholders. The preferential nature and long lock-in mean the stock may see short-term supply overhang concerns, though the premium pricing is constructive.