Silgo Retail Limited has informed the Exchange regarding Board meeting held on April 10, 2025.
SILGO · price
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The board of Silgo Retail Limited approved raising up to Rs. 33.48 crores through a preferential allotment of 60,87,727 equity shares at Rs. 55 per share (face value Rs. 10, premium of Rs. 45), priced as per SEBI ICDR Chapter V regulations. The shares will be issued to 15 non-promoter allottees, with the two largest being Preeti Mahapatra (27,25,000 shares, ~11.08% post-issue) and Pinnacle Equities Private Limited (10,90,000 shares, ~4.43% post-issue). The board also approved the EGM notice to seek shareholder approval for the issue, appointed JMJA & Associates LLP as scrutinizer and Mahendra Khandelwal & Company as secretarial auditor for 5 years (FY 2025-26 to FY 2029-30), and adopted a differential remuneration policy for non-executive directors.
Existing shareholders will face equity dilution as the company issues fresh shares to new non-promoter investors, with one individual (Preeti Mahapatra) emerging as a significant ~11% holder post-issue. The fund raise strengthens the company's equity base but expands the shareholder count and may weigh on short-term stock price due to dilution and the fact that the issue price is set near market levels.