Dhruva Capital Services Limited opens Rs 160 crore QIP

Dhruva Capital Services Limited opened a qualified institutions placement, or QIP, of up to Rs 160 crore on November 12, 2026, at a floor price of Rs 78.02 per equity share. Dhruva Capital may offer up to a 5% discount to that floor price under shareholder approval granted on October 10, 2026.

What did Dhruva Capital open on November 12?

Dhruva Capital opened a QIP on November 12, 2026, for an amount not exceeding Rs 160 crore. The issue covers fully paid-up equity shares with a face value of Rs 10 each and is being undertaken under Chapter VI of the Securities and Exchange Board of India, or SEBI, Issue of Capital and Disclosure Requirements Regulations, 2018.

The board’s November 12 meeting moved the transaction from prior approvals to an active institutional fundraising process. At that meeting, Dhruva Capital authorised the opening of the issue, adopted the preliminary placement document dated November 12, 2026, and approved the application-form format for circulation to eligible qualified institutional buyers, or QIBs.

The Rs 160 crore figure is the maximum authorised issue size, rather than a disclosed final amount raised. Dhruva Capital did not state the number of equity shares to be issued, the final issue price, the identities of prospective QIBs, or an issue closing date in its November 12 disclosure.

What is Dhruva Capital’s QIP floor price?

Dhruva Capital set the QIP floor price at Rs 78.02 per equity share on November 12, 2026. The company said the price was calculated under Regulation 176(1) of the SEBI Issue of Capital and Disclosure Requirements Regulations, using November 12, 2026, as the relevant date under Regulation 171(b)(i).

The Rs 78.02 floor price is a regulatory reference rather than the announced final issue price. Under the shareholder special resolution dated October 10, 2026, Dhruva Capital may offer a discount of not more than 5% on the calculated floor price for the issue.

Dhruva Capital did not state that it would use a discount, nor did it disclose a final allocation price in the November 12 filing. The company also did not provide a comparison between the Rs 78.02 floor price and any prior market trading price in the board-outcome announcement.

How did Dhruva Capital’s QIP approval process progress?

Dhruva Capital’s QIP progressed from board approval on September 11, 2026, to shareholder approval on October 10, 2026, and issue opening on November 12, 2026. The September board approval and October special resolution authorised a QIP of up to Rs 160 crore, while the November meeting opened the issue and fixed its Rs 78.02 floor price.

The November 12 resolutions also approved the preliminary placement document and the application form for eligible QIBs. The preliminary placement document carries the same date, November 12, 2026, and Dhruva Capital said it was being filed separately with BSE Limited.

Dhruva Capital identified Sections 42, 23(1)(b) and 62(1)(c) of the Companies Act, 2013, along with applicable rules and the SEBI capital-issue regulations, as part of the legal framework for the issue. The disclosure was also made as compliance with Regulation 30 and other applicable provisions of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Who will determine Dhruva Capital’s final QIP price?

Dhruva Capital will determine the final QIP issue price in consultation with Jajodia Equity Advisors Services Limited, the book running lead manager to the issue. The November 12 filing distinguishes this final price-setting process from the already approved Rs 78.02 statutory floor price.

The board approved the application materials for circulation to eligible QIBs on November 12, 2026, but the filing does not disclose demand from those investors. It also does not state the number of institutions approached, the allocation method, the number of shares to be allotted, or whether the final price will include any discount from Rs 78.02.

The separately filed preliminary placement document may set out additional transaction terms. However, the board-outcome filing confirms only the maximum Rs 160 crore issue size, the Rs 78.02 floor price, the permitted discount of up to 5%, and the appointment of Jajodia Equity Advisors Services Limited as book running lead manager.

What trading restriction applies during Dhruva Capital’s QIP?

Dhruva Capital’s trading window for designated persons and their immediate relatives was already closed and will remain closed until 48 hours after the QIP outcome is made public. The restriction is under the SEBI Prohibition of Insider Trading Regulations, 2015, and Dhruva Capital’s code for regulating, monitoring and reporting trading by designated persons.

The disclosure ties reopening to publication of the issue outcome rather than to a specified calendar date. Dhruva Capital did not disclose when the QIP will close, when allocations will be completed, or when the outcome will be announced, so the end of the 48-hour closure period remains unspecified.

The November 12 board meeting began at 12.00 p.m. and concluded at 1.20 p.m. Dhruva Capital said the disclosure would be hosted on its website, while the preliminary placement document dated November 12, 2026 was to be filed separately with BSE Limited.

Conclusion

Dhruva Capital has moved its proposed institutional equity fundraising from approvals to an open QIP with a maximum size of Rs 160 crore. The November 12 action establishes a Rs 78.02 per-share floor price and allows a discount of up to 5%, but it does not establish the final price, amount raised, investor allocation, or number of shares issued.

The next disclosed event to watch is the QIP outcome, which will determine the final issue price in consultation with Jajodia Equity Advisors Services Limited. That public outcome will also start the 48-hour period after which the trading window may reopen for designated persons and their immediate relatives.