Gretex Corporate Services has approved the allotment of 7.5 lakh warrants on a preferential basis to non-promoter investors, marking the completion of the second tranche in its ongoing capital raise. The Board of Directors sanctioned the move via a circular resolution dated August 19, 2026, setting the issue price at ₹358 per warrant with a face value of ₹10 each.

The transaction raises a total cash consideration of ₹6.71 crore (₹6,71,25,000). This issuance follows earlier disclosures made on May 7, 2026, and June 6, 2026, regarding the board and shareholder approvals for the broader preferential issue of 19.51 lakh warrants to both promoter and non-promoter categories.

Allotment Details

The warrants were allotted to four non-promoter entities and individuals. Zyana Developers LLP emerged as the largest recipient in this tranche, subscribing to 5 lakh warrants worth approximately ₹4.48 crore. Shailja Sandeep Jindal followed with an investment of ₹89.50 lakh for 1 lakh warrants. Two other individual investors, Gautam Gopikishan Makharia and Punit Gopikishan Makharia, each subscribed to 75,000 warrants.

Regulatory Compliance

The company stated that the allotment was executed in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as well as the Companies Act, 2013. The disclosure was filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Bhavna Desai, Group Head-Legal, Company Secretary, and Compliance Officer for Gretex Corporate Services Limited, signed the disclosure document.

Gretex Corporate Services disclosed its Q1 FY27 earnings call transcript on August 12, 2026, revealing three new advisory mandates and a strategic focus on scaling its broking operations. The company reported a deceleration in mainboard IPO activity compared to the record volumes of FY26, with only eight mainboard issues raising approximately ₹5,000 crore during the quarter. Despite this slowdown, management emphasized robust domestic investor participation and stable secondary market liquidity as key tailwinds for its integrated business model.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Bhavna Desai, Group Head – Legal, Company Secretary & Compliance Officer, signed the communication to the National Stock Exchange of India Limited and BSE Limited. The transcript covers the unaudited financial results for the quarter and three months ended June 30, 2026.

Operational Highlights

During Q1 FY27, Gretex Corporate Services secured three new advisory mandates, reflecting the strength of its origination engine. Key developments included:

• Sky Alloys and Power Limited: The company filed the Draft Red Herring Prospectus (DRHP) on both NSE and BSE.
• Ferroalloy Sector: A listing mandate was secured with a West Bengal-based ferroalloy company.
• Alternative Investments: Bahutex received registration for a Category-II Alternative Investment Fund (AIF), with Gretex serving as a partner.

Additionally, the subsidiary, Gretex Share Broking Limited, continued progress toward its proposed listing. Management noted that the subsidiary’s strong contribution reaffirmed the strategic value of scaling broking and market-making operations.

Market Outlook and Industry Trends

Managing Director and CFO Alok Harlalka highlighted a disciplined deceleration in primary market activity. While the Indian primary market saw 53 issues mobilize approximately ₹6,895 crore in Q1 FY27, the mainboard segment contributed only ₹5,000 crore through eight IPOs. This contrasts sharply with FY26, where 108 mainboard companies raised over ₹1.76 lakh crore.

However, the Small and Medium Enterprise (SME) platform remained active with 45 issues. Harlalka noted that individual SME issue sizes remained small, protecting the segment from institutional capital volatility. He also pointed to a gradual shift toward professionally managed investment solutions, including mutual funds, Portfolio Management Services (PMS), and alternative investment platforms.

Forward-Looking Guidance

Looking ahead, management expects a minimum of three to four IPO listings in the current quarter. The company plans to prioritize execution excellence while building scale across merchant banking and broking platforms in a measured manner. Harlalka stated that Gretex is well-positioned to capitalize on emerging opportunities amidst India’s evolving capital markets.

What the Numbers Show

The divergence between total market raises (₹6,895 crore) and mainboard raises (₹5,000 crore) indicates that nearly 28% of primary market activity is now driven by SME issuances. This structural shift suggests that while large-cap fundraising has cooled significantly from FY26 peaks, the mid-cap and small-cap segments remain resilient. For Gretex, this validates its dual-focus strategy on both mainboard advisory and SME/market-making services.