Sadhana Nitro Chem Limited has received in-principle approvals from the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) for a proposed preferential issue of equity shares. The company intends to issue 6,75,00,000 equity shares of Re. 1/- each at a price not less than ₹2.06/- each to non-promoter investors. This capital raise is structured under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, marking a significant step in the company’s fundraising efforts.

The approvals were granted on July 27, 2026, by the NSE and subsequently acknowledged by the BSE. The intimation was filed on July 28, 2026, by Nitin Rameshchandra Jani, Company Secretary of Sadhana Nitro Chem Limited. The regulatory nod allows the company to proceed with the issue subject to fulfilling specific compliance requirements outlined by both exchanges and statutory authorities.

Both exchanges have emphasized the need for strengthened internal controls to monitor trades executed by proposed allottees. The company is advised to obtain undertakings from allottees confirming they will not engage in intra-day trading or sell the scrip until the allotment date, as required under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The onus of verifying these undertakings lies solely with the issuer company.

Non-compliance with these trading restrictions could impact the listing of the shares. The exchanges reserved the right to withdraw the in-principle approval if submitted information is found to be incomplete, incorrect, or misleading. Additionally, the company must obtain all necessary statutory approvals from bodies including the Reserve Bank of India and the Ministry of Corporate Affairs before proceeding.

What the Numbers Show

The pricing of the shares at not less than ₹2.06/- each indicates a premium over the face value of Re. 1/-, suggesting investor confidence in the company’s valuation. The substantial size of the issue—6.75 crore shares—implies a significant capital infusion aimed at funding operational expansion or debt reduction. However, the strict adherence to SEBI ICDR regulations regarding lock-in periods and trading restrictions highlights the regulatory scrutiny associated with preferential issues to non-promoters.

The company is required to file a listing application within twenty days from the date of allotment, as per Schedule XIX – Para (2) of the ICDR Regulations and SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023. Failure to comply with this timeline will attract fines as specified in the same circular. The final listing remains contingent upon the completion of all post-issue formalities and payment of applicable fees to the exchanges.

Sadhana Nitro Chem Limited disclosed the status of encumbered shares held by its promoters and Persons Acting in Concert (PAC) as of March 31, 2026. The declaration confirms that the promoters have not created any new encumbrances on shares during the financial year other than those already disclosed to the exchanges. Promoters and the PAC collectively hold 65.85% of the total equity share capital in the company.

The disclosure was submitted by Asit D. Javeri on behalf of all promoters and the PAC in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The filing details the specific number of shares pledged by individual promoter group members relative to the company's total equity.

Asit Dhankumar Javeri, a promoter, has encumbered 2,20,00,000 shares, representing 0.74% of the total equity share capital. Abhishek Asit Javeri from the promoter group has encumbered 4,46,00,000 shares, accounting for 1.50% of the total equity. Rahat Sandeep Shah, also part of the promoter group, has encumbered 20,000 shares, which constitutes 0.00% of the total equity.

The total shareholding of the promoter and promoter group stands at 1,95,21,31,701 shares. This includes significant holdings by Asit Dhankumar Javeri with 85,94,20,870 shares (28.99%) and Abhishek Asit Javeri with 82,07,26,377 shares (27.68%).

The following table outlines the shareholding details of the promoters and PAC as of March 31, 2026: