Span Divergent Limited , formerly known as Span Diagnostics Limited, has announced several significant corporate actions following its board meeting on November 10, 2025. The company has made strategic decisions aimed at streamlining its operations and strengthening its financial position.

Divestment of Subsidiary Stake

The board has approved the sale of Span Divergent's entire 99% stake in its subsidiary, Span Diagnostics LLP, to promoters Mr. Viral P Desai and Ms. Sujata V Desai for INR 99,000. This decision comes after shareholders approved the transaction on September 26, 2024. The subsidiary has been inoperative since its inception and contributed no income or net worth during the financial year 2024-2025.

Despite the buyers being part of the promoter group, the company stated that the transaction is being conducted at arm's length price.

Exploration of Fund-Raising Options

Span Divergent's board has approved the exploration of various fund-raising avenues to bolster its financial position and support future growth initiatives. The company is considering options including a Fresh Public Offer (FPO), Preferential Allotment, or other appropriate modes.

The management has been authorized to evaluate alternatives, assess market conditions, and engage professional advisors and merchant bankers to assist in the process. However, the company emphasized that no definitive decision has been made regarding the structure, size, or timing of any proposed fund-raising at this stage.

Board and Management Changes

The company announced several changes to its board composition:

1. Appointment of Mr. Dharmesh Vinodbhai Desai as an Additional Non-Executive Independent Director for a five-year term, subject to shareholder approval.
2. Resignation of Mr. Nirav Dineshchandra Jogani as an Independent Director.
3. Resignation of Dr. Pradipkumar Keshavlal Desai as Non-Executive and Non-Independent Director, who will continue as "Chairman Emeritus" in an advisory role.

Subsidiary Operations

The board has approved a plan to revive operations of its subsidiary, M/s. Aranya Agri Biotech LLP, reclassifying its assets as part of Property, Plant and Equipment (PPE) in light of new business opportunities.

Financial Performance

For the quarter ended September 30, 2025, Span Divergent reported the following consolidated results:

The company's revenue saw a significant increase, but it reported a loss compared to a profit in the same quarter of the previous year.

These strategic moves and financial results reflect Span Divergent's efforts to optimize its corporate structure and explore growth opportunities amidst challenging market conditions.

Span Divergent Limited has announced significant changes to its Board of Directors. The company has appointed Mr. Dharmesh Vinodbhai Desai as an Additional Non-Executive Independent Director, while also announcing the resignation of two existing directors.

New Appointment

Mr. Dharmesh Vinodbhai Desai has been appointed as an Additional Non-Executive Independent Director to the Board of Directors. The appointment is for a five-year term, subject to shareholder approval at the upcoming Annual General Meeting.

About Dharmesh Vinodbhai Desai

Mr. Desai brings over two decades of business and industry experience to Span Divergent Limited. He is currently the Promoter and Chairman & Managing Director of Meera Industries Limited. His educational background includes a Bachelor of Engineering (Mechanical) from NIT Surat, South Gujarat University.

Professional Experience

Prior to his current role, Mr. Desai's career included positions at:

• Garden Silk Mills Limited as a Design Engineer
• Premier Looms Manufacturers Private Limited as Product Head (TFO division)

At Meera Industries Limited, Mr. Desai's responsibilities encompass overall business affairs, including planning marketing strategies, capacity expansion, and business development.

Other Board Positions

Mr. Desai also holds a directorship in Meera Industries Limited, a listed entity.

Board Committee Reconstitution

Following Mr. Desai's appointment, Span Divergent Limited has reconstituted its board committees. Mr. Desai will serve as:

• Member of the Audit Committee
• Member of the Stakeholders Relationship Committee
• Chairman of the Nomination and Remuneration Committee

Director Resignations

Concurrently, Span Divergent Limited announced the resignation of two directors:

1. Dr. Pradipkumar Keshavlal Desai resigned from his position as Non-Executive and Non-Independent Director, citing advancing age as the reason. Dr. Desai is the father of Viral Desai, the company's Managing Director.

2. Mr. Nirav Dineshchandra Jogani resigned from his position as Independent Director due to other professional preoccupations and commitments that prevent him from devoting adequate time to company affairs.

The Board acknowledged both directors' contributions during their tenure with the company.

Independence and Compliance

The company has confirmed that Mr. Dharmesh Desai is not related to any other director on the board of Span Divergent Limited. Additionally, he is not debarred from holding the position of director by any regulatory authority, as per the requirements of SEBI regulations.

These changes in the board composition aim to strengthen Span Divergent Limited's corporate governance and leverage Mr. Desai's extensive industry experience for the company's future initiatives.