Outcome of Board Meeting pursuant to Regulation 30 of SEBI LODR Regulations, 2015
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The Board of Sobhagya Mercantile Ltd, at its meeting on 23rd March 2026, approved the issuance and allotment of 13,01,000 Convertible Warrants on a preferential basis to two non-promoter entities — Nova Global Opportunities Fund PCC-Touchstone and Zeal Global Opportunities Fund — at Rs. 674.49 per warrant, aggregating to approximately Rs. 87.75 crore (including a premium of Rs. 664.49 per warrant). Each warrant is convertible into one equity share within 18 months, with only 25% of the issue price payable upfront. The Board also approved material related party transactions with three highway-focused entities: Nag Ham 182 Highway Pvt Ltd, Nag Ham 183 Highway Pvt Ltd, and Kitadi Torgaon Highway Pvt Ltd. An Extra-Ordinary General Meeting (EGM) has been scheduled for 20th April 2026 via video conferencing to seek shareholder approval for these matters, with the e-voting cut-off date set as 13th April 2026.
The preferential warrant issue of ~Rs. 87.75 crore to foreign/alternative investment funds signals a significant capital raise that could lead to equity dilution upon conversion, while also indicating institutional interest in the company. The related party transactions with highway infrastructure entities suggest the company is deepening its involvement in road/highway businesses, which could be material for shareholders and requires their approval at the upcoming EGM.