ENCLOSED HEREWITH REVISED BOARD MEETING OUTCOME DATED 20/03/2026
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Suncity Synthetics has issued a revised board meeting outcome (originally dated 20/03/2026) to correct a typographical error 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 (face value), aggregating to Rs. 3 crore. Promoter and Managing Director Sumita Mishra is the largest allottee with 15,14,000 shares (~48.86% of the issue), while the remaining ~14.86 lakh shares are being allotted to 11 non-promoter investors. Post-allotment, the share capital is expected to rise to 30,98,916 equity shares of Rs. 10 each (Rs. 3.09 crore). An EGM has been scheduled for 30th April 2026 to seek shareholder approval, with the relevant date fixed as 30th March 2026. A separate NCLT petition (No. 250/MB/2025) for share capital reduction is pending and is not connected to this preferential issue.
The preferential issue at face value (Rs. 10) to selectively chosen allottees will result in significant equity dilution for existing non-allottee shareholders. Promoter Sumita Mishra will further consolidate her stake, which could be viewed as a signal of insider confidence but also raises concerns about concentrated control.