Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, BSE has issued In-Principle approval letter for the issue of 3200000 Equity Shares
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S. M. Gold Ltd has received BSE's in-principle approval to issue 32,00,000 (32 lakh) equity shares of Rs. 10 each on a preferential basis to non-promoters. The minimum issue price has been set at Rs. 21 per share, meaning the company will raise a minimum of roughly Rs. 6.72 crore once allotment is completed. BSE's letter dated May 7, 2025 also requires the company to obtain undertakings from allottees that they will not trade intra-day or sell shares before the allotment date. The company still needs to complete allotment and file for listing within 20 days of allotment as per SEBI rules.
Existing shareholders will face dilution as new shares are issued to non-promoters, though the Rs. 21 per share floor price (above face value of Rs. 10) suggests the company is raising capital at a premium. This will broaden the shareholder base and bring in fresh funds, but per-share value for existing investors reduces correspondingly once the new shares are allotted and listed.