Sumeet Industries Allots 84.3 Lakh Equity Shares on OCRP Conversion

Sumeet Industries Ltd announced the allotment of 84,31,195 equity shares of face value Rs. 2 each to non-promoters upon conversion of Optionally Convertible Redeemable Preference Shares (OCRPs). The conversion price was Rs. 33.21 per share, aggregating to Rs. 28.00 Crores. This preferential issue was made in accordance with SEBI ICDR Regulations. The OCRPs were initially allotted on December 11, 2024, as part of an NCLT-approved Resolution Plan and are now being converted upon expiry of their tenure. The allotment results in non-promoters holding 1.19% of the total equity.