Span Divergent Limited - Preferential Issue of Equity Shares of the Company for consideration in cash
Awaiting price reaction for this filing.
Span Divergent Limited held an Extraordinary General Meeting on February 20, 2026, where shareholders approved a preferential issue of 18,01,481 equity shares (face value Rs. 10) to a single investor, Mr. Neev Nirav Jogani, at an issue price of Rs. 32.16 per share, for a total consideration of approximately Rs. 5.79 crore in cash. The resolution was passed as a Special Resolution with 97.35% of votes in favor and 2.65% against. After allotment, Mr. Jogani will hold 24.80% of the company's expanded share capital. The issue price was determined based on a valuation report dated January 23, 2026, by Atharva Valuation (OPC) Private Limited, in accordance with SEBI ICDR Regulations.
The preferential issue will result in dilution of existing shareholders by issuing fresh equity to a single new investor who will hold nearly a quarter of the company post-allotment. This signals a significant promoter-like entry by Mr. Jogani, which could change control dynamics and bring in fresh capital of around Rs. 5.79 crore, but existing shareholders should note the substantial equity dilution.