News Corporate Actions Seshachal Technologies Board Approves Rs 25 Crore Preferential Warrant IssueSeshachal Technologies Board Approves Rs 25 Crore Preferential Warrant Issue
Seshachal Technologies Limited's board has approved a Rs 25 crore fundraising through preferential allotment of 1,13,63,637 fully convertible warrants at Rs 22 each to 21 non-promoter public investors. The warrants, convertible within 18 months, will significantly alter shareholding with promoter stake declining from 33.87% to 1.95% upon full conversion, subject to postal ballot approval with e-voting scheduled from March 07 to April 05, 2026.
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Seshachal Technologies Limited announced that its board of directors has approved a significant fundraising initiative through the preferential issue of fully convertible warrants. The board meeting, held on March 05, 2026, at the company's registered office, concluded with the approval of issuing up to 1,13,63,637 warrants to raise funds aggregating Rs 25,00,00,014.
Warrant Issue Details
The company plans to issue fully convertible warrants to 21 investors belonging to the "Non-Promoter, Public Category" on a preferential basis. Each warrant is priced at Rs 22, which exceeds the floor price determined under SEBI ICDR Regulations. The warrants will be convertible into an equivalent number of fully paid-up equity shares with a face value of Rs 10 each.
| Parameter: | Details |
|---|---|
| Total Warrants: | 1,13,63,637 |
| Issue Price: | Rs 22 per warrant |
| Total Amount: | Rs 25,00,00,014 |
| Face Value: | Rs 10 per equity share |
| Conversion Period: | 18 months from allotment |
Upon allotment, warrant holders must pay 25% of the total issue size upfront. The remaining amount will be payable upon conversion of warrants into equity shares within the 18-month tenure.
Investor Allocation
The warrant allocation spans across 21 investors, with individual allocations ranging from 2,86,136 to 7,20,000 warrants. Notable allocations include equal distributions of 5,05,000 warrants each to eleven investors, including Ami Tushar Shah, Kapadia Finwealth LLP, and Equifin Capital Private Limited. The largest individual allocations of 7,20,000 warrants each are designated for Daxaben Doshi, Dharmendra Doshi, Forum Doshi, Kirtan Doshi, and Bhushan Manubhai Soni.
Shareholding Impact
The preferential issue will significantly alter the company's shareholding pattern upon full conversion of warrants:
| Category: | Pre-Issue Shares | Pre-Issue % | Post-Conversion Shares | Post-Conversion % |
|---|---|---|---|---|
| Promoters and Promoter Group: | 2,35,214 | 33.87% | 2,35,214 | 1.95% |
| Public: | 4,59,146 | 66.13% | 1,18,22,783 | 98.05% |
| Total: | 6,94,360 | 100.00% | 1,20,57,997 | 100.00% |
The conversion would result in promoter shareholding declining from 33.87% to 1.95%, while public shareholding would increase from 66.13% to 98.05%.
Postal Ballot Process
The board approved seeking shareholder approval through postal ballot for the warrant issue. CS Piyush Gandhi of M/s. Piyush Gandhi & Associates has been appointed as scrutinizer, while Central Depository Services (India) Limited will conduct the remote e-voting process.
| Event: | Date/Period |
|---|---|
| Cut-off Date: | February 27, 2026 |
| Postal Ballot Dispatch: | March 06, 2026 |
| E-voting Period: | March 07, 2026 (9:00 AM) to April 05, 2026 (5:00 PM) |
The postal ballot notice will be available on the company's website, BSE Limited's website, and the e-voting agency's portal. The board meeting commenced at 7:00 PM and concluded at 8:00 PM on March 05, 2026.
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