Corporate Action12 Aug 2026, 06:50 pm
SBC Exports Cancels Promoter Loan-to-Equity Conversion
AI Summary
SBC Exports Limited has announced the cancellation of its previously approved preferential issue. The Board of Directors, in a meeting held on August 12, 2026, decided to withdraw the resolution to issue 27,516,513 equity shares of face value INR 1 each at INR 36.00 per share. This issuance was intended to convert an unsecured loan of INR 99,05,94,474/- from promoters and the promoter group into equity. The cancellation is attributed to certain procedural and regulatory complexities encountered during the implementation phase. The original proposal was approved by the Board on May 29, 2026.
Key Highlights
- SBC Exports cancels preferential issue of equity shares to promoters.
- Conversion of unsecured loan worth ₹99.06 Cr into equity is terminated.
- Cancellation due to procedural and regulatory complexities.
- Original resolution approved on May 29, 2026, now withdrawn.
Price Impact
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