Sadhana Nitro Chem Ltd

Acquisition Overview

• Acquirer: Niraj Bajaj; PACs: none; promoter group: No.
• TC: Sadhana Nitrochem Ltd.; listed on NSE and BSE.
• Pre-acquisition holding: 14,75,00,000 voting shares, 4.98%.
• Acquired: 5,25,00,000 voting shares, 1.73%.
• Post-acquisition holding: 20,00,00,000 voting shares, 6.60%.
• Mode: Preferential allotment; date of allotment: 7 August 2026.
• Equity share capital before/after: 296,46,94,385 to 303,21,94,385 shares (Rs 1 each).
• Total diluted share capital after: 303,21,94,385 shares.

Acquisition details

• Target company is Sadhana Nitrochem Ltd.
• Acquirer is Niraj Bajaj, with no PACs.
• Acquirer does not belong to promoter/promoter group.
• Shares are listed on NSE and BSE.
• Pre-acquisition holding: 14,75,00,000 shares (4.98%).
• Pre-acquisition encumbrances, VR, and warrants: 0.
• Acquired 5,25,00,000 voting rights shares (1.73% of diluted voting capital).
• Post-acquisition holding: 20,00,00,000 shares, 6.60% of diluted voting capital.
• Mode of acquisition: Preferential allotment.
• Date of acquisition: 7 August 2026.
• Equity share capital before: 296,46,94,385; after: 303,21,94,385 shares.
• Total diluted share/voting capital after: 303,21,94,385.
• Salient features: Equity shares Rs 1 each, fully paid up.

Key Update

• No deviation in the use of funds raised through the Rights Issue.
• Funds raised: Rs 263.53 crore; date of raising: 12 March 2026.
• Quarter ended: 30 June 2026; monitoring by Acuité Ratings and Research Limited.

Issue Overview

• Right issue of equity shares.
• No revision or undersubscription observed in issue size.
• Main stated objectives include ICD, promoters loan, term loan, working capital, GCP, and issue costs.

Utilisation of Proceeds

• Utilisation as per offer documents; no deviation observed.
• No changes in means of finance; no material deviations from prior reports.
• All objects fully utilised; no unutilised funds.
• GCP utilised totaling 4.27 crore across sub-heads; sub-heads fully utilized.

GCP Usage

• GCP total utilised: 4.27 crore across statutory payments, professional fees, bank charges, rent, salaries, utilities.
• Sub-heads fully utilized; no remaining GCP funds.

Governance and Compliance

• Statutory approvals not required for the objects.
• No material events or information affecting viability reported.
• No conflicts or material investor-impact information reported by MA.

Financial results and equity issuance

• Approved unaudited standalone and consolidated results for quarter ended June 30, 2026, with Limited Review Report.
• Allotted 6,75,00,000 equity shares on a preferential basis at Rs 2.06 per share.
• Paid-up capital increased to Rs 303,21,94,385 from Rs 296,46,94,385; shares rank pari passu.

In-principle approvals for preferential issue

• In-principle approvals from BSE and NSE for a proposed preferential issue of 6,750,000 equity shares.
• Total size: 6,750,000 shares of Re 1; subject to listing and regulatory conditions.
• Conditions include filing listing application promptly, receipt of statutory approvals, and adherence to LODR and regulatory norms.
• Issuer to strengthen internal controls to monitor trades by allottees prior to allotment.
• Undertaking from allottees not to engage in intraday trading or pre-allotment sales.
• Issuer's responsibility to verify undertakings and ensure ICDR Regulation compliance.
• Exchange may withdraw in-principle approval if information is incomplete or misleading.
• Approval relates to proposed preferential issue; not a final approval.
• Letters confirming in-principle approvals received on July 27-28, 2026.
• Issuer: Sadhana Nitrochem Limited; scrip code 506642.

Demat/Remat processing and listing

• RTA confirmed demat/remat requests were processed (accepted/rejected) to the depositories.
• Securities dematerialised/rematerialised have been listed on the stock exchanges.
• Physical certificates for dematerialisation were mutilated and cancelled; depository name substituted within prescribed timelines.
• Late receipts indicated for some documents at the RTA end.