Span Divergent Limited - Outcome of Board Meeting held on March 28, 2026
Awaiting price reaction for this filing.
Span Divergent Ltd's board, at its meeting on March 28, 2026, approved the allotment of 18,01,481 equity shares (face value Rs. 10) on a preferential basis to Mr. Neev Nirav Jogani, a non-promoter. The shares were issued at Rs. 32.16 per share (including a premium of Rs. 22.16), raising about Rs. 5.79 crore in cash. Post-allotment, Mr. Jogani will hold 24.80% of the company, and the total paid-up share capital rises from Rs. 5.46 crore to Rs. 7.26 crore (54,61,747 to 72,63,228 shares). Shareholder approval for this preferential issue was obtained at an EGM held on February 20, 2026. The company will seek listing and trading approval from the stock exchanges for the newly allotted shares.
The preferential allotment brings in a new non-promoter shareholder with a significant 24.80% stake, which will dilute existing shareholders' holdings. The Rs. 5.79 crore infusion strengthens the company's capital base, but the entry of a single new investor holding a sizeable stake could be a watchable event for retail investors.