SPML Infra Limited has informed the Exchange regarding Outcome of Board Meeting held on April 23, 2026.
SPMLINFRA · price
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On the reaction day the stock moved 2.6 pts less than Nifty Microcap 250 and 2.2 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board of SPML Infra approved a preferential issue of equity shares and warrants to raise up to approximately Rs. 190 crores in aggregate. This includes 3,09,141 equity shares at Rs. 186 per share (Rs. 5.75 crores) to non-promoter allottees for cash, 95,39,449 convertible warrants at Rs. 186 per warrant (Rs. 177.43 crores) convertible into equity within 18 months, and 3,84,858 equity shares (Rs. 7.16 crores) to National Asset Reconstruction Company Ltd (NARCL) for conversion of an existing loan. If all warrants are converted, the total potential share dilution is about 1.02 crore shares. Separately, the board approved an increase in capital expenditure from Rs. 176.44 crores to Rs. 238.43 crores to expand Battery Energy Storage System (BESS) capacity from 2.5 GWh to 5 GWh, including container manufacturing capacity of 600 units per annum. An EGM is scheduled for May 16, 2026, to seek shareholder approval.
This is a significant capital raise that will dilute existing shareholders, especially through the large warrant component of Rs. 177.43 crores. The loan-to-equity conversion with NARCL reduces debt burden, while the BESS capacity doubling signals a major growth push in the energy storage business, though it raises the company's capex commitment by about 35%.