Outcome of board meeting pursuant to Regulation 30 of SEBI LODR Regulations, 2015
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Sobhagya Mercantile's board, at its meeting on 23rd March 2026, approved issuing 13,01,000 convertible warrants to non-promoters on a preferential basis at Rs. 674.49 per warrant, aggregating to about Rs. 87.75 crore. Each warrant carries a face value of Rs. 10 and a premium of Rs. 664.49, and is convertible into one equity share within 18 months from allotment, with 25% of the issue price payable upfront. The two allottees are Nova Global Opportunities Fund PCC-Touchstone and Zeal Global Opportunities Fund, each receiving 6,50,500 warrants. The board also approved material related party transactions with Nag Ham 182 Highway, Nag Ham 183 Highway, and Kitadi Torgaon Highway Private Limited, and fixed 20th April 2026 as the date for an EGM to seek shareholder approval, with the e-voting cut-off set as 13th April 2026.
This is a sizeable capital raise of roughly Rs. 87.75 crore that will dilute existing shareholders if and when the warrants are converted into equity. Shareholders should watch the EGM on 20th April 2026, where their approval is required for both the preferential issue and the related party transactions, both of which could materially affect the company's shareholding pattern and balance sheet.