Outcome of Board Meeting for Preferential Issue of Company.
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The board of Sancode Technologies approved issuing up to 23,25,582 convertible warrants at Rs. 172 each (face value Rs. 10 plus Rs. 162 premium) on a preferential basis, totalling roughly Rs. 40 crore. The warrants will be allotted to three investors — existing promoter Khushboo Jain (4.65 lakh warrants), Aneka LLC (3.70 lakh warrants, to be classified as promoter post-allotment), and Trinity Gate LLC (14.90 lakh warrants, the largest allottee). Each warrant converts into one equity share within 18 months, with only 25% payable upfront and 75% at conversion. The authorised share capital was also raised from Rs. 6.5 crore to Rs. 10 crore to make room for the potential equity expansion. Shareholders will vote on the proposal at an EGM on March 25, 2026, and Mr. Ramraj Singh Thakur was appointed as the new Company Secretary.
Existing public shareholders face dilution of up to 23.25 lakh shares if all warrants convert into equity. The promoter base is expanding, with Aneka LLC set to be reclassified as a promoter — a potential shift in control. The 25% upfront / 75% deferred payment structure limits the company's immediate cash outflow.