Outcome of Board Meeting pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
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Sobhagya Mercantile Ltd's board, at its meeting on March 11, 2026, approved the allotment of 13,48,500 convertible warrants (face value Rs 10 each, premium Rs 664.49) to three non-promoter entities on a preferential basis: Legends Global Opportunities (Singapore) Pte Ltd (6,50,500 warrants), Venus Investments VCC-Venus Stellar Fund (3,98,000 warrants), and Dovetail India Fund-Class 22 (3,00,000 warrants). Dovetail India Fund paid the full consideration of Rs 20,23,47,000 (approx Rs 20.23 crore), leading to the simultaneous conversion of its 3,00,000 warrants into equity shares at Rs 674.49 per share. As a result, the company's paid-up equity capital increased from Rs 8.40 crore (84,00,000 shares) to Rs 8.70 crore (87,00,000 shares). The EGM held on February 2, 2026 had earlier approved this preferential allotment, and BSE's in-principle approval was received on February 24, 2026. The remaining warrants must be converted by September 10, 2027.
The conversion has already strengthened the company's equity base by Rs 20.23 crore from a single foreign fund, with potential further capital infusion of around Rs 70 crore if the other warrant holders (including another Singapore-based fund) exercise their options within 18 months. Dilution is modest at this stage (~3.6% increase in share count), but full conversion would meaningfully expand the equity float.