Natural Capsules board approved a revised issue price of ₹178 for equity shares and convertible warrants in a preferential allotment to its promoter group. The decision follows regulatory queries from the BSE and NSE regarding the initial pricing.

The company convened a board meeting on September 2, 2026, at shorter notice to address these queries. The revised pricing aligns with a valuation report dated August 31, 2026, issued by a registered valuer as per Chapter V of the SEBI (ICDR) Regulations, 2018.

Revised Issue Details

The preferential issue comprises two components: equity shares and convertible warrants. Both instruments are priced at ₹178 per unit.

The equity shares have a face value of ₹10 each. The warrants are convertible into one fully paid-up equity share of face value ₹10 each.

Warrant Terms and Conditions

The convertible warrants carry specific payment and conversion terms. Investors must pay 25% of the warrant exercise price (₹44.50) at the time of subscription and allotment. The remaining 75% is payable upon exercising the option to subscribe to equity shares.

Key terms include:

• Conversion period: 18 months from the date of allotment.
• Forfeiture: If warrants lapse within the 18-month window, the company forfeits the initial 25% payment.
• Adjustment: Amounts paid against warrants will be adjusted against the issue price for resultant equity shares.

Shareholding Impact

The allotment is targeted at Mr. Sunil L Mundra, a member of the promoter group. Currently, he holds 6,02,290 shares, representing 5.79% of the total equity.

Upon full conversion of warrants and allotment of equity shares, his holding would increase to 11,64,790 shares, or 10.61% of the post-issue capital. This calculation assumes full subscription and conversion based on shareholding as on August 10, 2026.

Regulatory Compliance

The company issued a corrigendum notice for an Extraordinary General Meeting scheduled for September 9, 2026. The shorter notice for the board meeting was necessitated by the late receipt of the valuation report on August 31, 2026. Directors provided consent under Section 173(3) of the Companies Act, 2013, due to the urgent statutory timeline for dispatching the corrigendum.

Natural Capsules Limited has set September 2, 2026 as the record date for its Extraordinary General Meeting (EGM) scheduled for September 9, 2026. Shareholders on record as of this date will be eligible to vote on the proposed ₹10 crore preferential allotment. The capital raise aims to strengthen working capital requirements and fund capital expansion, including the acquisition or establishment of new units.

The Board of Directors approved the proposal on August 12, 2026. The issue is structured into two components: equity shares and convertible warrants, both priced at ₹160 per unit. Promoter Sunil Laxminarayan Mundra is the sole proposed allottee for the entire tranche.

Issue Structure

The total raise of ₹10 crore is divided as follows:

The equity shares will be fully paid-up at the time of allotment. The warrants are fully convertible into equity shares on a one-to-one basis within 18 months of allotment.

Warrant Terms

The warrant structure requires an upfront payment of ₹40 (25% of the issue price) at subscription. The remaining ₹120 (75%) is payable upon exercise of the conversion right. If the warrants are not exercised within the 18-month tenure, the entitlement expires, and the upfront amount paid stands forfeited by the company. The warrants do not carry voting rights until converted.

Shareholding Impact

As of June 30, 2026, promoters held 50.92% of the company’s equity. Post-issue, assuming full conversion of warrants, promoter holding is projected to rise to 53.70%. Sunil Laxminarayan Mundra’s individual stake is expected to increase from 5.79% to 11.12%.