Sadhana Nitro Chem Issues Corrigendum to EGM Notice Ahead of May 22, 2026 Meeting
Sadhana Nitro Chem issued a corrigendum to its 01/2026-27 EGM notice dated April 29, 2026, revising the SEBI ICDR floor price to Rs. 2.0272 per equity share and correcting the pre-preferential shareholding of Niraj Bajaj to 14,75,00,000 shares. The preferential allotment price of Rs. 2.06 per share remains unchanged, with the EGM scheduled for May 22, 2026.
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Sadhana Nitro Chem has issued a corrigendum to the notice of its 01/2026-27 Extra-Ordinary General Meeting (EGM), originally dated April 29, 2026. The EGM is scheduled to be held on Friday, May 22, 2026, at 2:00 PM IST via Video Conferencing (VC/OAVM). The corrigendum, filed on May 12, 2026, modifies specific disclosures in the Explanatory Statement under Item No. 4 of the original notice, while all other contents and terms of the said notice remain unchanged.
Revised Floor Price for Preferential Allotment
The corrigendum modifies the disclosure under Item No. 4, Point No. (e) of the Explanatory Statement, pertaining to the basis on which the preferential allotment price has been arrived at. In accordance with SEBI ICDR Regulations, the floor price for the issuance of equity shares has been revised. The floor price is determined as the higher of the 90-trading-day and 10-trading-day volume weighted average prices (VWAP) preceding the Relevant Date.
| Metric: | Details |
|---|---|
| 90-day VWAP (preceding Relevant Date): | Rs. 1.7894 per equity share |
| 10-day VWAP (preceding Relevant Date): | Rs. 2.0272 per equity share |
| Floor Price (as per SEBI ICDR Regulations): | Rs. 2.0272 per equity share |
| Preferential Allotment Price: | Rs. 2.06 per equity share |
The floor price of Rs. 2.0272 is the higher of the two VWAP figures as prescribed under the SEBI ICDR Regulations pricing formula. The articles of association of the company do not provide for any method of determination for valuation of shares that results in a floor price higher than the price determined pursuant to SEBI ICDR Regulations. Importantly, the preferential allotment price of Rs. 2.06 per equity share remains unchanged.
Updated Pre-Preferential Shareholding Details
The corrigendum also modifies the disclosure under Item No. 4, Point No. (k) of the Explanatory Statement, which pertains to the names of proposed allottees, their ultimate beneficial ownership, and their pre- and post-preferential allotment shareholding. The pre-preferential shareholding of proposed allottee Mr. Niraj Bajaj has been corrected to 14,75,00,000 equity shares. The revised shareholding details for all proposed allottees are as follows:
| Sr. No.: | Name of Proposed Investor | Maximum Amount / Up to (INR) | Pre-Preferential Allotment (Shares / %) | Post-Preferential Allotment (Shares / %) |
|---|---|---|---|---|
| 1. | Niraj Bajaj | 10,81,50,000 | 14,75,00,000 / 4.98% | 20,00,00,000 / 6.60% |
| 2. | Poorvi Milan Chitalia | 3,09,00,000 | Nil | 1,50,00,000 / 0.49% |
Mr. Niraj Bajaj's post-preferential allotment shareholding is expected to increase to 20,00,00,000 equity shares, representing 6.60% of the company's capital. Poorvi Milan Chitalia, who currently holds no shares in the company, is expected to hold 1,50,00,000 equity shares, or 0.49%, following the preferential allotment.
Availability and Filing Details
The corrigendum has been filed with BSE Limited and the National Stock Exchange of India Limited on May 12, 2026. It has been signed by Nitin Rameshchandra Jani, Company Secretary (Membership No.: A4757), on behalf of the Board of Directors. A copy of the corrigendum is available on the company's website at www.sncl.com . All other terms and conditions of the original EGM notice dated April 29, 2026, remain unchanged.
Historical Stock Returns for Sadhana Nitrochem
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.61% | -10.62% | +34.07% | -64.28% | -87.77% | -89.17% |
How might Niraj Bajaj's increased stake to 6.60% influence his role in Sadhana Nitro Chem's strategic decision-making and board composition going forward?
Could the preferential allotment at Rs. 2.06 per share signal further capital-raising rounds, and how might this affect existing shareholders' dilution risk?
What are the likely end-use plans for the approximately Rs. 13.90 crore being raised through this preferential allotment, and how could it impact the company's operational capacity?
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