Span Divergent Ltd. (formerly Span Diagnostics Ltd.) has submitted comprehensive regulatory disclosures to BSE Limited regarding the preferential allotment of 18,01,481 equity shares to Mr. Neev Nirav Jogani, completed on March 28, 2026. The detailed disclosure was filed under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on April 1, 2026.

Official SEBI Disclosure Documentation

The formal disclosure letter was submitted by Mr. Neev Nirav Jogani as the acquirer to both the company's compliance officer and BSE Limited's Managing Director. The documentation confirms the acquisition was executed through preferential allotment, with Mr. Jogani acquiring shares worth ₹5,79,35,628.96 at ₹32.16 per share.

Detailed Acquisition Breakdown

The comprehensive SEBI disclosure reveals that Mr. Neev Nirav Jogani had no previous shareholding in Span Divergent Ltd. before this acquisition. The preferential allotment of 18,01,481 fully paid-up equity shares resulted in him acquiring a substantial 24.80% stake in the company.

Capital Structure Transformation

The allotment significantly enhanced Span Divergent's capital structure, with the company's equity share capital increasing from ₹5,46,17,470 to ₹7,26,32,280. The transaction was executed at a premium of ₹22.16 over the face value of ₹10.00 per share, demonstrating strong investor confidence.

Regulatory Compliance and Market Impact

The disclosure confirms full compliance with SEBI regulations, with no voting rights acquired through instruments other than equity shares and no encumbrances involved. The acquisition represents a significant vote of confidence from a non-promoter entity in Span Divergent's business prospects and growth trajectory. The company will now proceed with applying for listing and trading approval of the newly allotted shares on BSE Limited.

Span Divergent Ltd (formerly Span Diagnostics Ltd) has received in-principle approval from BSE Limited for a preferential equity issue worth approximately ₹57.9 crores. The approval, dated March 19, 2026, allows the company to issue 18,01,481 equity shares to a non-promoter investor.

Issue Details and Pricing Structure

The preferential issue comprises specific financial parameters that demonstrate the company's capital raising strategy:

The issue price of ₹32.16 per equity share represents a significant premium over the face value, indicating investor confidence in the company's prospects. The entire allotment will be made to Mr. Neev Nirav Jogani, who is classified as a non-promoter.

Regulatory Compliance and Requirements

BSE has outlined comprehensive compliance requirements that Span Divergent must fulfill before proceeding with the allotment. The exchange emphasized that this in-principle approval should not be construed as approval for listing of the securities, which requires separate compliance procedures.

The company must ensure strict adherence to multiple regulatory frameworks including:

• Companies Act, 2013
• Securities Contracts (Regulation) Act, 1956
• SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
• SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
• Various other statutory and regulatory approvals

Internal Controls and Trading Restrictions

BSE has specifically advised Span Divergent to strengthen internal controls to monitor trades executed by the proposed allottee. Key requirements include:

• Obtaining undertakings from allottees confirming no intra-day trading in company scrip
• Ensuring no sale transactions in company scrip until allotment date
• Verification responsibilities lie solely with the issuer company
• Non-compliance may impact the listing of shares

Post-Allotment Obligations

Upon completion of the allotment, Span Divergent must submit a listing application within twenty days from the allotment date, as specified in SEBI regulations. The company will need to pay applicable fees and comply with post-issue formalities as outlined in Regulation 14 of the LODR Regulations.

BSE has reserved the right to withdraw this in-principle approval if any submitted information is found to be incomplete, incorrect, misleading, or in contravention of applicable regulations. The approval was communicated to the company on March 20, 2026, by Managing Director Viral Pradipkumar Desai, confirming the company's commitment to proceed with the preferential issue under the specified terms and conditions.