On Door Concepts Files EGM Corrigendum for Preferential Issue
On Door Concepts has filed a corrigendum to its EGM notice scheduled for May 15, 2026, revising the preferential issue size to 19,75,000 equity shares and the price to Rs. 156/- per share. The changes follow NSE observations and the disqualification of an allottee, with proceeds earmarked for capital expenditure and working capital.
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The Board of Directors of On Door Concepts , at its meeting held on May 06, 2026, approved key revisions to its proposed preferential allotment of equity shares and convertible warrants, and subsequently filed a corrigendum to the Notice of its Extraordinary General Meeting (EGM) scheduled for Friday, May 15, 2026 at 4:00 P.M. at the company's registered office in Bhopal, Madhya Pradesh. The revisions were necessitated by observations received from NSE vide letters dated April 28, 2026 and April 29, 2026, which led to a change in the relevant date and consequently a revised issue price, as determined through an updated valuation report in accordance with applicable SEBI (ICDR) Regulations. The board meeting commenced at 04:00 P.M. and concluded at 04:16 P.M.
Revised Equity Share Preferential Issue
The board approved a revision in the issue size of equity shares following the ineligibility of Mr. Vivek Kumar, a proposed allottee, to participate in the preferential issue. Accordingly, the issue size was reduced from up to 20,00,000 (Twenty Lakh) Equity Shares to 19,75,000 (Nineteen Lakh Seventy-Five Thousand) Equity Shares. The relevant date for determining the floor price has been fixed as Wednesday, April 15, 2026, being the date 30 days prior to the EGM date of May 15, 2026. An independent registered valuer, Jom Jose, Chartered Accountant (Registration No: IBBI/RV/06/2022/15019), determined the issue price at Rs. 156.00/- per equity share. The key parameters of the revised equity share issue are summarised below:
| Parameter: | Details |
|---|---|
| Type of Securities: | Equity Shares of face value Rs. 10/- each, ranking pari passu with existing shares |
| Type of Issuance: | Preferential Issue under Chapter V of SEBI (ICDR) Regulations, 2018 |
| Number of Shares: | 19,75,000 (Nineteen Lakh Seventy-Five Thousand) |
| Issue Price: | Rs. 156.00/- per equity share (including premium of Rs. 146.00/- per share) |
| Total Consideration: | Rs. 30,81,00,000/- (Rupees Thirty Crore Eighty-One Lakh Only) |
| Relevant Date: | April 15, 2026 |
| Number of Allottees: | 23 |
All 23 proposed allottees for the equity share issue fall under the Non-Promoter category. The revised list of proposed allottees, along with their respective share allocations and consideration amounts, is detailed below:
| Allottee: | No. of Equity Shares | Consideration (Rs.) |
|---|---|---|
| North Star Opportunities Fund VCC | 1,90,000 | 2,96,40,000 |
| Prospera Capital Fund PCC | 4,00,000 | 6,24,00,000 |
| Century India Opportunity Fund PC | 4,00,000 | 6,24,00,000 |
| Rajat Vaid | 50,000 | 78,00,000 |
| Priyam Bansal | 1,00,000 | 1,56,00,000 |
| Amrita Agarwal | 50,000 | 78,00,000 |
| Pranav Vaid | 20,000 | 31,20,000 |
| Laxmi Publications Pvt Ltd | 60,000 | 93,60,000 |
| Deven Chaudhary | 25,000 | 39,00,000 |
| Ritesh Naredi | 1,00,000 | 1,56,00,000 |
| Ava Paisa Growth Pvt Ltd | 40,000 | 62,40,000 |
| Samar Vinaykumar Singh | 25,000 | 39,00,000 |
| Rishikesh Jadhav | 25,000 | 39,00,000 |
| Neerja Agarwal | 20,000 | 31,20,000 |
| Shrey Agarwal | 20,000 | 31,20,000 |
| Vipul Kumat | 50,000 | 78,00,000 |
| Nitin Bahl | 25,000 | 39,00,000 |
| Vibha Bahl | 25,000 | 39,00,000 |
| Rahul Aggarwal | 50,000 | 78,00,000 |
| Deoki Nandan Singal | 1,25,000 | 1,95,00,000 |
| Mrs. Santosh Singhal | 1,25,000 | 1,95,00,000 |
| Gurmehr Singh | 25,000 | 39,00,000 |
| Parmeet Kaur | 25,000 | 39,00,000 |
| TOTAL | 19,75,000 | 30,81,00,000 |
Use of Proceeds from Equity Share Issue
The company has outlined the utilisation plan for the proceeds from the preferential issue of equity shares. The company shall not utilise more than 25% of the consideration received for general corporate purposes. The planned utilisation (Rs. in Lakhs) is as follows:
| Purpose: | Total Estimated Amount | Utilisation in FY 2026-27 | Utilisation in FY 2027-28 |
|---|---|---|---|
| Capital Expenditure: | 1,229.00 | 1,229.00 | - |
| Working Capital Requirements: | 3,178.00 | 1,600.00 | 1,578.00 |
| Marketing: | 250.00 | 250.00 | - |
| General Corporate Purposes: | 1,544.00 | 1,040.70 | 503.30 |
| Total Net Proceeds: | 6,201.00 | 4,119.70 | 2,081.30 |
Convertible Warrants Issue — Pricing Revised, Allottee List Unchanged
The board also took note of the revised issue price for convertible warrants, following the change in the relevant date. The list of proposed allottees for the convertible warrants remains unchanged. The relevant date for the warrant issue is also fixed as April 15, 2026. The key terms of the convertible warrants issue are as follows:
| Parameter: | Details |
|---|---|
| Type of Securities: | Convertible Share Warrants |
| Type of Issuance: | Preferential Issue under SEBI (ICDR) Regulations, 2018 |
| Number of Warrants: | Up to 20,00,000 (Twenty Lakh) |
| Issue Price: | Rs. 156.00/- per warrant (including premium of Rs. 146.00/- per warrant) |
| Total Consideration: | Rs. 31,20,00,000/- (Rupees Thirty-One Crore Twenty Lakh Only) |
| Relevant Date: | April 15, 2026 |
| Number of Allottees: | 72 |
| Conversion Terms: | Each warrant convertible into 1 equity share; exercisable within 18 months from date of allotment |
| Payment Terms: | 25% payable at application; balance at time of conversion |
The 72 proposed allottees for the convertible warrants include both promoter and non-promoter category investors. Promoter and promoter group allottees include Swati Bapna (4,00,000 warrants), Narendra Singh Bapna (1,00,000 warrants), Divya Daga (40,000 warrants), Neha Bapna (40,000 warrants), Karan Singh Bapna (20,000 warrants), Pramod Ingle (15,000 warrants), and Vaishali Ingle (35,000 warrants). The proceeds from the warrant issue are intended to meet working capital requirements and general corporate purposes, with the same utilisation framework as the equity share issue.
EGM Corrigendum and Regulatory Compliance
The corrigendum to the EGM Notice dated April 23, 2026 has been issued pursuant to suggestions and comments received from NSE vide letters Ref: NSE/LIST/54755 dated April 28, 2026 and Ref: NSE/LIST/54756 dated April 29, 2026. The corrigendum addresses rectifications in the relevant date, issue price, total capital raised, number of equity shares, list of proposed allottees, and the percentage of preferential holding pre and post the issue for both equity shares and warrants. A certificate from Mr. Piyush Bindal, Practicing Company Secretary, certifying that the preferential issue is being made in accordance with the requirements of SEBI (ICDR) Regulations, will be available for inspection at the EGM. Additionally, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the Trading Window for dealing in the securities of On Door Concepts has been closed with effect from April 01, 2026, and shall remain closed until 48 hours after the declaration of audited financial results for all Designated Persons and their Immediate Relatives covered under the Company's Code of Conduct. The corrigendum is available on the websites of NSDL, NSE, and the company at https://www.ondoor.com/preferential_issue.php .
Historical Stock Returns for On Door Concepts
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.05% | +18.18% | +23.60% | +38.25% | +1.39% | -10.52% |
How might the dilution from issuing nearly 40 lakh equity shares and warrants to predominantly non-promoter allottees impact the existing promoter group's control and governance of On Door Concepts?
Given that 72 warrant holders have up to 18 months to convert their warrants into equity, how could a potential wave of conversions affect On Door Concepts' stock price and liquidity on the NSE?
With over 51% of the equity issue proceeds allocated to working capital requirements across FY2026-28, what does this signal about On Door Concepts' current operational cash flow challenges and near-term business scalability?
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