ENCLOSED HEREWITH DISCLOSURE UNDER REGULATION 30 OF SEBI (LODR) REG, 2015
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Suncity Synthetics' board has approved issuing 30 lakh equity shares on a preferential basis at Rs. 10 per share, the same as the face value, for a total of Rs. 3 crore. The shares will go to 12 allottees, with promoter Sumita Mishra taking 15.14 lakh shares (about Rs. 1.51 crore) and the remaining 14.86 lakh shares going to 11 non-promoter individuals. The company has fixed March 30, 2026 as the relevant date and called an EGM on April 30, 2026 to seek shareholder approval. A separate NCLT petition for reduction of share capital is still pending, but the company has clarified that this preferential issue is independent of that petition.
Existing shareholders will see dilution as the share count rises from 1 lakh to 31 lakh shares, a 30-fold increase. Since the issue is at face value with no premium, the company is giving up potential capital gains that could have benefited existing shareholders, and the small Rs. 3 crore raise suggests limited fresh capital coming into the business.