Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors of Supra Pacific Financial Services ....
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The Board of Directors of Supra Pacific Financial Services Ltd has decided to withdraw its In-Principle Approval Application filed with BSE and cancel the proposed preferential issue in its entirety. The decision follows queries raised by BSE, regulatory observations received, and a professional opinion which concluded that issuing equity shares on a preferential basis against consideration other than cash (for acquisition of immovable property) is not permissible under the current SEBI ICDR Regulations. Two tranches of the preferential issue — 1,31,21,442 shares to The Central Financial Credit and Investment Co-operative (India) Ltd. and up to 98,91,227 shares to promoter and non-promoter allottees — have been cancelled. Any future fund-raising proposal will be placed before the Board separately with fresh justification.
Existing shareholders avoid immediate dilution from the cancelled preferential issue, but the company's planned fund-raising has been delayed indefinitely. The market may view this neutrally to slightly negatively as it signals regulatory hurdles and uncertainty around the company's growth funding plans.