Vaishali Pharma allots 45.37 lakh shares at ₹20 each to Kesar Pharma

Vaishali Pharma has allotted 45,37,865 fully paid-up equity shares at an issue price of ₹20 per share to Kesar Pharma Limited on a preferential basis. The allotment, aggregating to ₹9,07,57,300, was executed for consideration other than cash through a swap of equity shares pursuant to the acquisition of a 26.95% shareholding in Kesar Pharma. The issuance includes a premium of ₹18 per equity share over the face value of ₹2 each.

The Board of Directors approved the allotment on July 3, 2026, via circulation, following shareholder approval through a postal ballot on March 15, 2026. The National Stock Exchange of India Limited granted in-principle approval for the allotment via Letter No. NSE/LIST/53490 dated June 24, 2026. The company will file an application to the stock exchanges for the listing and trading approval of the newly allotted shares in due course.

Consequent to the allotment, the paid-up equity share capital of Vaishali Pharma has increased from ₹26,09,24,260, comprising 13,04,62,130 equity shares, to ₹26,99,99,990, comprising 13,49,99,995 equity shares. Kesar Pharma Limited has been categorized as a Non-Promoter allottee.

Allotment Details

Particulars	Details
Type of securities	Equity shares of face value ₹2 each
Type of issuance	Preferential issue
Total number of securities	45,37,865 equity shares
Issue price	₹20 per share (Face Value ₹2 + Premium ₹18)
Total consideration	₹9,07,57,300

Shareholding Pattern

Name of the Allottee	Pre Preferential Shareholding	No. of Equity Shares Allotted	Post Preferential Shareholding
Kesar Pharma Limited	Nil (0%)	45,37,865	45,37,865 (3.36%)

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+5.00%	+3.28%	+4.28%	-11.79%	-40.75%	+76.64%

Vaishali Pharma Ltd will receive ₹2,15,258 in cash from Kesar Pharma Ltd to align the consideration for a preferential allotment with a registered valuer's report. The adjustment addresses a discrepancy of ₹0.10 per share on 21,52,575 equity shares of Kesar Pharma Ltd acquired by the company. This ensures the transaction complies with the valuation determined by the Registered Valuer and applicable regulatory requirements.

The company's members had approved the issuance of up to 61,23,000 equity shares on a preferential basis to Kesar Pharma Ltd through a postal ballot on March 15, 2026. The approval was initially based on acquiring 21,52,575 equity shares of Kesar Pharma Ltd at a value of ₹56.89 per equity share. However, the valuation report later determined the value at ₹56.79 per equity share, creating the differential amount.

The following table outlines the financial details of the adjustment:

Particulars	Details
Total shares of Kesar Pharma Ltd acquired	21,52,575
Initial valuation per share (₹)	56.89
Registered Valuer's price per share (₹)	56.79
Difference per share (₹)	0.10
Aggregate differential amount (₹)	2,15,258

The aggregate differential amount of ₹2,15,258, calculated at ₹0.10 per share on the total shares acquired, will be received in cash from Kesar Pharma Ltd. Consequently, the consideration for the transaction stands adjusted to the extent of this amount. This disclosure was made pursuant to an observation received from the National Stock Exchange of India Limited in connection with the company's application for in-principle approval.