Suncity Synthetics Revises Board Meeting Outcome for Preferential Share Issue
Suncity Synthetics Limited has revised its board meeting outcome to correct typographical errors related to post-reduction share capital in its preferential issue disclosure. The board approved issuing up to 30,00,000 equity shares at Rs 10 per share, totaling Rs 3,00,00,000, to 12 proposed allottees including promoter Sumita Mishra who will receive 15,14,000 shares. The issue is subject to NCLT approval for capital reduction and member consent through an EGM scheduled for April 30, 2026.
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Suncity Synthetics Limited has issued a revised board meeting outcome to correct a typographical error in its earlier disclosure regarding the preferential issue of shares. The company clarified that except for the correction related to post-reduction share capital, all other contents of the previously submitted outcome remain unchanged.
Board Meeting Decisions
The Board of Directors meeting held on March 20, 2026, at 4:00 PM at the company's registered office approved several key matters. The meeting commenced at 4:00 PM and concluded at 8:15 PM.
Share Capital Reduction and Preferential Issue
The company has applied for share capital reduction, which is pending approval before the Hon'ble NCLT. The proposed preferential issue is separate from the earlier reduction of capital petition (NCLT petition No. 250/MB/2025).
| Parameter: | Details |
|---|---|
| Reduced Capital: | Rs 9,89,160 |
| Reduced Equity Shares: | 98,916 shares @ Rs 10 each |
| Post-Allotment Capital: | Rs 3,09,89,160 |
| Post-Allotment Shares: | 30,98,916 equity shares |
Preferential Issue Details
The board approved the issuance of up to 30,00,000 equity shares at Rs 10 per share, aggregating to Rs 3,00,00,000. The issue will be made to 12 proposed allottees on a preferential basis, subject to member approval and regulatory clearances.
Complete Allottee Distribution
| Sr. No.: | Name of Allottees | Category | No. of Equity Shares | Investment Amount |
|---|---|---|---|---|
| 1 | Sumita Mishra | Promoter | 15,14,000 | Rs 1,51,40,000 |
| 2 | Bharat Kumar Mardia | Non-promoter | 1,40,000 | Rs 14,00,000 |
| 3 | Devendra Batukanath Shukla | Non-promoter | 1,40,000 | Rs 14,00,000 |
| 4 | Saroj Kumar Choudhury | Non-promoter | 1,40,000 | Rs 14,00,000 |
| 5 | Nirav Dahyabhai Vekariya | Non-promoter | 1,47,000 | Rs 14,70,000 |
| 6 | Dobariya Hardik Bholabhai | Non-promoter | 1,47,000 | Rs 14,70,000 |
| 7 | Khushal Prakashbhai Talaviya | Non-promoter | 1,47,000 | Rs 14,70,000 |
| 8 | Chirag Sachapara | Non-promoter | 1,47,000 | Rs 14,70,000 |
| 9 | Thummar Hardik Dineshbhai | Non-promoter | 1,28,000 | Rs 12,80,000 |
| 10 | Manas Dash | Non-promoter | 1,40,000 | Rs 14,00,000 |
| 11 | Manas Ranjan Palo | Non-promoter | 1,24,000 | Rs 12,40,000 |
| 12 | Sachin Shankar Shivgan | Non-promoter | 86,000 | Rs 8,60,000 |
| Total: | - | - | 30,00,000 | Rs 3,00,00,000 |
Sumita Mishra, the Managing Director, is the sole promoter allottee and will receive 15,14,000 shares (48.86% of the issue). The remaining shares are distributed among 11 non-promoter investors, with individual allocations ranging from 86,000 to 1,47,000 shares.
Regulatory Compliance and Valuation
The company has obtained necessary regulatory documentation for the preferential issue:
- Valuation Report: Prepared by CA Jay Ashok Shah, IBBI Registered Valuer (Reg No: IBBI/RV/07/2022/14720)
- Regulation 163(2) Certificate: Issued by CS Suprabhat Chakraborty, Practicing Company Secretary (Membership No. A41030)
- Issue Price: Rs 10 per share as per SEBI (ICDR) Regulations, 2018
Key Dates and Approvals
The board has established the following timeline for the preferential issue:
| Event: | Date |
|---|---|
| Relevant Date: | March 30, 2026 |
| Extraordinary General Meeting: | April 30, 2026 at 2:00 PM |
| Meeting Mode: | Video Conference/Audio-Visual Means |
The company will provide e-voting facility through CSDL platform for the EGM. CS Suprabhat Chakraborty has been appointed as scrutinizer for the e-voting process.
Pre-lock-in Considerations
The company clarified that existing shareholders Sumita Mishra and Sachin Shankar Shivgan hold 22,48,383 and 1,64,890 equity shares respectively on a pre-reduction basis. The pre-lock-in requirement will apply to existing shareholding rather than the reduced share capital, with post-reduction shareholding computed on a reduced basis.
Historical Stock Returns for Suncity Synthetics
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | +5.72% | +13.19% | -15.82% | -17.90% | +250.00% |
How will the NCLT's decision on the share capital reduction petition affect the timeline and structure of the preferential issue?
What strategic initiatives does Suncity Synthetics plan to fund with the Rs 3 crore raised from this preferential allotment?
Will the significant increase in promoter shareholding through Sumita Mishra's investment trigger any changes in the company's governance or strategic direction?
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