Sancode Technologies warrant conversion raises ₹39.14 crore

What Sancode Technologies announced

Sancode Technologies Ltd has completed the conversion of warrants into equity shares, resulting in the allotment of new equity shares and a full receipt of funds linked to the balance consideration. The company said it allotted 22,75,582 equity shares after the conversion. The issue price for the converted warrants was ₹172 per share, which included a premium of ₹162 per share over the face value. The total subscription amount received from this conversion was ₹39.14 crore (₹3,914 lakh). One filing detail also mentioned a total subscription amount of ₹39,14,00,104. The company said the new equity shares will be listed on BSE Limited. It also stated that the allotted shares will rank pari-passu with the existing equity shares in all respects.

Timeline: board approval and the conversion date

The company’s board meeting date for this conversion-related allotment is stated as July 24, 2026. The meeting timing was disclosed as 4:00 PM to 4:30 PM (IST). The digital signature time on the disclosure was shown as July 24, 2026 at 17:37:57 +05:30. Separately, a Hindi summary stated that the allotment process for 7,85,195 shares was completed after converting warrants into equity on July 24, 2026. That 7,85,195 figure matches the combined allotment to two promoter group entities named in the allottee list. The overall conversion, as per the detailed allotment disclosure, resulted in 22,75,582 shares being issued.

Key terms of the allotment

The equity shares issued through the conversion carry a face value of ₹10 per share. The conversion price disclosed was ₹172 per share, including a premium of ₹162 per share. The company stated it received the balance 75% of the issue price for these warrants, as required under SEBI regulations. The disclosure referenced SEBI ICDR Regulation 169 in this context. The shares issued through this conversion will continue to remain listed on BSE Limited, according to the company’s update. The conversion and allotment were described as being part of a pre-determined preferential allotment of warrants.

Allottees and subscription amounts

The allotment was made to three entities, covering both promoter-linked and non-promoter investors. Two of the allottees were identified as Khushboo Jain (Promoter) and Aneka LLC (Promoter Group). A third allottee, Trinity Gate LLC, was identified as a non-promoter. The company disclosed the number of shares allotted and the corresponding subscription amounts for each.

For Khushboo Jain, the allotment was 4,65,000 equity shares with a subscription amount of ₹7,99,80,000 (about ₹7.998 crore). Aneka LLC received 3,20,195 equity shares with a subscription amount of ₹5,50,73,540 (about ₹5.507 crore). Trinity Gate LLC was allotted 14,90,387 equity shares with a subscription amount of ₹25,63,46,564 (about ₹25.635 crore). Together, these add up to the 22,75,582 shares and the total subscription amount of ₹39.14 crore.

How this relates to the earlier warrant issue

Earlier disclosures around the same capital-raise plan showed the company approving a preferential allotment of 23,25,582 convertible warrants at an issue price of ₹172 each. The total consideration for that proposed issuance was stated as ₹40,00,00,104 (about ₹40.00 crore). The warrants were described as convertible into equity shares of ₹10 face value each, with a conversion ratio of 1:1. The company had also disclosed an upfront payment received of ₹10,40,74,669 (about ₹10.41 crore), representing more than 26% of the total consideration. The conversion can be exercised within a period of 18 months from the date of allotment, as per the earlier communication. If investors do not exercise the conversion within the stipulated period, the warrants would lapse, as stated.

BSE approvals and regulatory references

Sancode Technologies also disclosed it had received in-principle approval from BSE for the preferential issue of the convertible warrants. The approval was cited as being under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The in-principle approval reference number was disclosed as LOD/PREF/DA/FIP/460/2026-27, dated July 01, 2026. The BSE communication also clarified that in-principle approval does not guarantee the listing of the securities and that a separate listing application is required. The company was required to submit a listing application within twenty days from the date of allotment, along with applicable fees and necessary documents, as per the exchange’s conditions described.

Market impact: what changes after this conversion

The immediate outcome of the conversion is an increase in the company’s equity share capital due to the issuance of 22,75,582 new shares. The company also confirmed the full receipt of ₹39.14 crore from the balance consideration tied to these warrants. For investors tracking dilution and capital structure, the disclosed allotment indicates new shares issued at a defined price with a premium, and with pari-passu rights relative to existing shares. The listing on BSE means the additional equity shares are expected to be tradeable on the exchange after completion of listing formalities. The company’s disclosure also positions the conversion as compliance-linked, referencing SEBI rules on receipt of the remaining 75% of the issue price.

Summary table of disclosed facts

What to watch next

The disclosures indicate the allotment has been completed and the company has received the funds linked to the conversion. Separately, the earlier preferential issue involved 23,25,582 warrants, while the completed conversion disclosed 22,75,582 shares allotted, implying not all warrants referenced earlier are reflected in this specific conversion update. Investors will typically track subsequent exchange filings for listing confirmations and any further conversions within the stated 18-month window. The next formal steps would likely relate to exchange listing processes and any additional disclosures on remaining warrants, if applicable.

Conclusion

Sancode Technologies’ warrant conversion resulted in the allotment of 22,75,582 equity shares at ₹172 each and the receipt of ₹39.14 crore as balance consideration. The new shares are slated to be listed on BSE, and the company has stated the shares will rank pari-passu with existing equity. The disclosed timeline places the board meeting on July 24, 2026, aligning with the conversion completion date referenced in summaries. Further updates, if any, would come through exchange filings tied to listing and any remaining warrant conversions within the allowed tenure.