Span Divergent Limited - Intimation of Receipt of In-principle approval from BSE Limited for Preferential Issue of Equity Shares
Awaiting price reaction for this filing.
Span Divergent Ltd has received in-principle approval from BSE for issuing 18,01,481 equity shares on a preferential basis to Mr. Neev Nirav Jogani, a non-promoter. The shares have a face value of Rs. 10 each and will be issued at Rs. 32.16 per share, which includes a premium of Rs. 22.16. The total issue size works out to approximately Rs. 5.79 crore. The company must still complete allotment, file a listing application within 20 days of allotment, and ensure compliance with SEBI ICDR regulations. BSE has advised the company to obtain undertakings from the allottee restricting intra-day trading until the allotment date.
The preferential allotment will result in dilution for existing shareholders and add about Rs. 5.79 crore to the company's capital once completed. Since the shares are being issued to a single non-promoter individual, the dilution impact is limited but shareholders should watch for the final allotment and any subsequent disclosures about the use of funds.