Span Divergent Limited - Revised Outcome of Board Meeting held on November 10, 2025
Awaiting price reaction for this filing.
Span Divergent Ltd's board met on November 10, 2025 and approved unaudited financial results for Q2 and H1 FY26 (ended September 30, 2025). On a standalone basis, the company reported a profit after tax of Rs. 53.69 lakhs for H1 FY26, but on a consolidated basis posted a loss of Rs. 35.78 lakhs, largely driven by the cashew processing segment. Two directors resigned effective the same day: Mr. Nirav Jogani as Independent Director (citing other professional commitments) and Dr. Pradipkumar Desai as Non-Executive Non-Independent Director (citing advancing age), with Dr. Desai being conferred the honorary title of 'Chairman Emeritus' in a non-board advisory role. Mr. Dharmesh Vinodbhai Desai was appointed as Additional Non-Executive Independent Director for 5 years, subject to shareholder approval. The board also approved sale of the 99% stake in dormant subsidiary Span Diagnostics LLP to promoter-group members for Rs. 99,000, revival plans for subsidiary Aranya Agri Biotech LLP, reconstitution of three key board committees, and exploration of fund-raising options including a Fresh Public Offer (FPO) or Preferential Allotment.
Mixed picture for shareholders: standalone operations remain profitable but the consolidated business is loss-making, and the company is exploring a potential capital raise (FPO or preferential issue) which could lead to share dilution. The simultaneous departure of two directors (one founder-family) is a notable board change but appears orderly, with continuity maintained through the Chairman Emeritus role and new independent appointment.