Longspur International Ventures Revises EGM Notice Following BSE Observations
Longspur International Ventures Limited issued a corrigendum to its EGM notice scheduled for April 6, 2026, revising the relevant date from March 7 to March 6, 2026 following BSE observations about non-trading days. The company's preferential issue of 2,03,50,000 equity shares to 33 allottees will increase total capital from 1,36,50,000 to 3,40,00,000 shares, reducing promoter holding from 22.78% to 14.00%.
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Longspur International Ventures Limited has issued a corrigendum to its Extra-Ordinary General Meeting (EGM) notice following observations from BSE Limited regarding its proposed preferential issue of equity shares.
Key Revision in EGM Notice
The primary modification concerns the relevant date for determining the price of the preferential issue. BSE Limited observed that the original relevant date of March 7, 2026 fell on a Saturday, which is a non-trading day and therefore cannot be used for pricing securities.
| Parameter: | Original Date | Revised Date |
|---|---|---|
| Relevant Date: | Saturday, March 7, 2026 | Friday, March 6, 2026 |
| Reason: | Non-trading day | Last preceding trading day |
| EGM Date: | Monday, April 6, 2026 | Unchanged |
The revised relevant date of March 6, 2026 represents the date 30 days prior to the EGM scheduled for April 6, 2026, in accordance with SEBI (ICDR) Regulations.
Preferential Issue Details
The company proposes to issue 2,03,50,000 equity shares on a preferential basis to 33 proposed allottees. The largest allocation goes to promoter Mr. Manoj Jain, who will receive 16,50,000 shares.
| Top Allottees: | Category | Shares Allocated |
|---|---|---|
| Mr. Manoj Jain: | Promoter | 16,50,000 |
| Ms. Pritika Surana: | Non-Promoter | 16,50,000 |
| Mr. Vinod Harmukhrai Beriwal: | Non-Promoter | 16,50,000 |
| M/s Kuber Equity Services LLP: | Non-Promoter | 16,50,000 |
| M/s Chirag Shantilal Shah (HUF): | Non-Promoter | 10,00,000 |
Impact on Shareholding Pattern
The preferential issue will significantly alter the company's shareholding structure. The total issued capital will increase from 1,36,50,000 shares to 3,40,00,000 shares post-issuance.
| Shareholding Category: | Pre-Issue Shares | Pre-Issue % | Post-Issue Shares | Post-Issue % |
|---|---|---|---|---|
| Promoters Holding: | 31,09,098 | 22.78% | 47,59,098 | 14.00% |
| Non-promoters Holding: | 1,05,40,902 | 77.22% | 2,92,40,902 | 86.00% |
| Total Shares: | 1,36,50,000 | 100% | 3,40,00,000 | 100% |
Despite receiving additional shares, the promoter's percentage holding will decrease from 22.78% to 14.00% due to the dilutive effect of the preferential issue.
Regulatory Compliance
The corrigendum was issued on March 25, 2026, following the company's receipt of observations from BSE Limited. The document emphasizes that this corrigendum forms an integral part of the original EGM notice dated March 10, 2026, and must be read in conjunction with it.
The company has uploaded the corrigendum on its website and BSE's platform for shareholder access. All other contents of the original EGM notice remain unchanged except for the modifications specified in this corrigendum.
Historical Stock Returns for Longspur International Ventures
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.94% | -7.49% | -20.23% | -41.90% | +8.17% | +14.40% |
How will the significant dilution of promoter shareholding from 22.78% to 14.00% affect the company's governance and strategic decision-making capabilities?
What specific business expansion or strategic initiatives does Longspur International plan to fund with the approximately ₹20+ crore raised through this preferential issue?
Could the substantial increase in non-promoter shareholding to 86% make the company a potential takeover target in the near future?
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