ENCLOSED HEREWITH REVISED ANNOUNCEMENT UNDER REG 30 OF SEBI (LODR) 2018
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Suncity Synthetics has issued a corrected version of its March 20, 2026 board meeting outcome, fixing a typo in the post-reduction share capital figure. The Board has approved a preferential allotment of 30,00,000 equity shares at Rs. 10/- per share, raising up to Rs. 3 crore. Post-allotment, the share capital will stand at 30,98,916 shares (Rs. 3.09 crore), based on a reduced capital of 98,916 shares (Rs. 9.89 lakh) pending NCLT approval. Promoter and Managing Director Sumita Mishra will subscribe to 15,14,000 shares (Rs. 1.51 crore, ~48.86% of the issue), with the remaining 14,86,000 shares going to 11 non-promoter allottees. The relevant date is March 30, 2026, and an EGM has been scheduled for April 30, 2026 to seek shareholder approval.
This is a small preferential issue that will roughly triple the company's share count and bring in Rs. 3 crore from mostly new non-promoter investors plus the promoter. For existing shareholders, this will lead to significant dilution, though the promoter is also participating meaningfully to maintain influence. The share price may face short-term pressure given the issue price equals face value (Rs. 10), and shareholders will get a chance to vote on it at the April 30 EGM.