Sadbhav Engineering Board Approves Preferential Issue, Calls 37th AGM for Sep 30
Sadbhav Engineering's Board approved preferential issuance of up to 22,03,50,029 equity shares to lenders and promoter group member Shashin Patel at ₹9.34 and ₹9.00 per share, respectively. The company also scheduled its 37th AGM for September 30, 2026.
The preferential issuance of a significant number of equity shares and the conversion of loans will materially impact the company's capital structure and ownership.
The preferential issuance of equity shares to lenders and a promoter group member, along with the conversion of unsecured loans, is a positive step towards restructuring and strengthening the company's financial position.
Sadbhav Engineering Limited's Board of Directors, in a meeting held on September 1, 2026, has approved the issuance of equity shares on a preferential basis as part of its Master Restructuring Agreement (MRA). This includes the issuance of up to 14,47,94,474 equity shares at an issue price of ₹9.34 per share to various lenders, including Axis Bank Limited, Bank of India, ICICI Bank Limited, IDBI Bank Limited, Karur Vysya Bank, Punjab National Bank, State Bank of India, and Union Bank of India. Additionally, up to 7,55,55,555 equity shares at an issue price of ₹9.00 per share will be issued to Mr. Shashin Patel, a member of the promoter group, through the conversion of existing unsecured loans amounting to ₹68 Crores. These issuances are subject to necessary statutory, regulatory, and shareholder approvals.
Furthermore, the Board has approved the notice for the 37th Annual General Meeting (AGM) of the Company, which is scheduled to be held on September 30, 2026, at 3:00 PM IST through video conferencing. The trading window for dealing in the company's securities, which was closed effective August 27, 2026, will reopen 48 hours after the conclusion of the Board meeting.
A plain-language summary of a public exchange filing by Sadbhav Engineering Limited. Read the original for the full detail.