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 March 11, 2026, approved the allotment of 13,48,500 convertible warrants (Face Value Rs 10, 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). One allottee, Dovetail India Fund, paid the full 100% consideration of Rs 20.23 crore (Rs 168.6225 subscription price + Rs 505.8675 exercise price per warrant), and accordingly 3,00,000 equity shares were allotted upon simultaneous conversion of its warrants. The issue price is 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 remaining warrants must be converted by September 10, 2027.
The company has raised Rs 20.23 crore in fresh capital from a foreign non-promoter investor, strengthening its balance sheet. Shareholders face a modest dilution of about 3.6% in equity base from the converted shares, with potential further dilution from the remaining warrants by September 2027. The involvement of a Singapore-based fund signals institutional interest in the stock.