Sobhagya mercantile Limited's board of directors has approved a significant fund raising initiative through the issuance of convertible warrants worth ₹87.75 crores. The board meeting held on March 23, 2026, concluded with the approval of issuing 13,01,000 convertible warrants to non-promoters on a preferential basis.

Warrant Issue Details

The board has structured the fund raising proposal in accordance with regulatory requirements under Section 42 and 62 of the Companies Act, 2013 and SEBI ICDR Regulations, 2018. The convertible warrants will be issued at a premium pricing structure to raise additional capital for the company.

Allottee Information

The warrant issuance will be distributed between two institutional investors, ensuring diversified participation in the fund raising exercise.

Conversion Terms and Timeline

Each convertible warrant carries the right to convert into one equity share within 18 months from the date of allotment. The conversion can be exercised in one or more tranches, providing flexibility to warrant holders. Initial payment of 25% of the issue price is required at the time of warrant allotment, with the remaining amount payable upon conversion exercise.

Regulatory Approvals and EGM

The warrant issuance is subject to member approval through an Extraordinary General Meeting scheduled for April 20, 2026, at 11:30 AM via video conferencing. The board has also approved material related party transactions with Nag Ham 182 Highway Private Limited, Nag Ham 183 Highway Private Limited, and Kitadi Torgaon Highway Private Limited, which will also require member approval.

PDTS and Associates, Company Secretaries, has been appointed as scrutinizer for the remote e-voting process. The cut-off date for determining voting eligibility has been set as April 13, 2026. The company operates under CIN L45100MH1983PLC031671 and maintains its registered office at One Lodha Place, Lower Parel, Mumbai.

Sobhagya Mercantile Limited's Board of Directors has approved significant capital raising measures through the allotment of convertible warrants and equity shares to non-promoter investors. The board meeting held on March 11, 2026, concluded with approvals for warrant allotments totaling Rs. 20.23 crore and simultaneous equity share conversions, as communicated to BSE Limited under Regulation 30 of SEBI LODR Regulations, 2015.

Convertible Warrants Allotment Details

The board approved the allotment of 13,48,500 convertible warrants with a face value of Rs. 10.00 each at a premium of Rs. 664.49 per warrant to three non-promoter entities on a preferential basis.

SEBI Regulatory Disclosure Filing

Legends Global Opportunities (Singapore) Pte. Ltd. has filed mandatory disclosure under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, confirming the allotment of 6,50,500 convertible warrants. The disclosure was submitted to BSE Limited and Sobhagya Mercantile Limited on March 13, 2026, by Director Indranathsingh Seewooruttun.

Equity Shares Allotment and Conversion

Dovetail India Fund-Class 22 provided 100% consideration amount, including both the subscription price of Rs. 168.62 per warrant and exercise price of Rs. 505.87 per share, totaling Rs. 20,23,47,000. This enabled the simultaneous conversion of 3,00,000 warrants into equity shares at an issue price of Rs. 674.49 per share.

Capital Structure Impact

The equity share allotment has increased the company's paid-up equity capital from Rs. 8,40,00,000 consisting of 84,00,000 equity shares to Rs. 8,70,00,000 comprising 87,00,000 equity shares of Rs. 10.00 face value each. The total diluted share capital after considering outstanding warrants stands at Rs. 97,48,50,000 comprising 97,48,500 equity shares. The allotment was conducted under the resolution passed in the Extraordinary General Meeting held on February 02, 2026, with in-principle approval received from BSE Limited dated February 24, 2026.

Regulatory Compliance and Timeline

The convertible warrants carry a conversion deadline of September 10, 2027, requiring conversion within 18 months from the allotment date. Outstanding warrants not exercised by holders will lapse on September 11, 2027. The board meeting concluded at 07:15 p.m. with all proposed resolutions receiving approval, and the outcome was communicated to BSE Limited in compliance with SEBI regulations.