S J Logistics proposes Rs 92.58 crore preferential raise

S J Logistics (India) Limited has proposed a preferential issue worth up to Rs 92.58 crore, comprising 13 lakh equity shares and 15.4 lakh convertible warrants at Rs 326 each. The board approved the proposal on November 06, 2026, subject to shareholder and applicable regulatory or statutory approvals.

What did S J Logistics approve on November 06, 2026?

S J Logistics approved a two-part preferential issue of up to 28.4 lakh securities at its November 06, 2026 board meeting. The proposal covers up to 13 lakh fully paid equity shares for non-promoter or public-category investors and up to 15.4 lakh warrants for promoter-group and non-promoter investors.

S J Logistics set the same issue price of Rs 326 for each share and warrant, including a premium of Rs 316 over the Rs 10 face value of an equity share. The company said the price was not below the minimum price determined with reference to the relevant date under Regulation 164 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The proposal requires approval from members at an extraordinary general meeting, or EGM, as well as applicable regulatory or statutory authorities. S J Logistics scheduled the EGM for December 07, 2026 at 4:00 PM through video conferencing or other audio-visual means.

How is the preferential issue split between shares and warrants?

S J Logistics proposes up to Rs 42.38 crore through 13 lakh equity shares and up to Rs 50.20 crore through 15.4 lakh warrants. The warrant leg contains 2.4 lakh more securities than the equity-share leg and has the larger maximum consideration.

The two securities have different timing under the November 06 proposal. The 13 lakh equity shares are proposed as fully paid shares for cash, while each of the 15.4 lakh warrants can be converted into one equity share at the proposed allottee's option within 18 months of allotment.

S J Logistics did not disclose its existing share capital, post-issue ownership percentages or an intended use for the up to Rs 92.58 crore proceeds in this announcement. The filing therefore specifies the issue size, price and proposed allottees but does not quantify dilution if all 15.4 lakh warrants are converted.

Who are the proposed investors in S J Logistics securities?

S J Logistics has named three non-promoter allottees for the 13 lakh equity shares. Abakkus Venture Opportunities Fund is proposed to receive 10 lakh shares for Rs 32.60 crore, while Deepali Daga is proposed to receive 2 lakh shares for Rs 6.52 crore and Charandeep Singh 1 lakh shares for Rs 3.26 crore.

The three promoter-group investors are proposed to receive 11.4 lakh of the 15.4 lakh warrants. Jeet Rajen Shah is proposed to receive 4 lakh warrants for Rs 13.04 crore, while Prashant Arvindlal Shah and Pavan Prashantbhai Shah are each proposed to receive 3.7 lakh warrants for Rs 12.06 crore.

The remaining 4 lakh warrants are proposed for non-promoter investors Siddhant Laxmikant Kabra and Celestial Tradechem Private Limited, at 2 lakh warrants each for Rs 6.52 crore each. Unlike the warrant tranche, the 13 lakh-share equity tranche is allocated entirely to non-promoter investors.

How will S J Logistics warrants convert into shares?

Each S J Logistics warrant will be convertible into one fully paid equity share with a face value of Rs 10, at the holder's option. The 15.4 lakh warrants may be converted in one or more tranches within a maximum of 18 months from their allotment date.

S J Logistics said an amount equivalent to at least 25% of the Rs 326 warrant issue price must be paid upfront with the application. The remaining 75% is payable when the holder exercises the conversion option, rather than when the warrant is initially allotted.

The 15.4 lakh warrants do not become equity shares immediately on allotment because conversion is optional for the proposed allottees. S J Logistics also said that the number of shares allotted upon exercise would be subject to adjustments permitted under applicable rules, regulations and laws.

Why is S J Logistics realigning its freight forwarding business?

S J Logistics said it will realign and streamline its freight forwarding business through its wholly owned subsidiary, SJA Logisol India Private Limited, over an estimated six to eight months. Management said the phased exercise is intended to strengthen the company’s core focus on vessel operations, subject to applicable approvals and completion of operational and contractual arrangements.

The company said the plan is intended to create dedicated management and oversight for freight forwarding while improving the alignment of teams, resources and business responsibilities. S J Logistics said its freight-forwarding team will be appropriately aligned while continuity of operations and customer service is maintained during the six-to-eight-month exercise.

Kulshekhar Kumar resigned as whole-time director and from the board with effect from the close of business on November 06, 2026, as part of the realignment. Kumar, who has been employed by the group since 2005 and oversees freight forwarding, will remain employed by the group and take on responsibilities related to that business.

Conclusion

The proposed up to Rs 92.58 crore issue combines immediate equity issuance of up to Rs 42.38 crore with warrants worth up to Rs 50.20 crore that can convert over 18 months. The equity leg is entirely for non-promoter investors, whereas promoter-group investors are proposed to receive 11.4 lakh of the 15.4 lakh warrants.

The next disclosed event is the December 07, 2026 EGM, where members will consider the approvals required for the preferential issue. Investors can also watch the planned six-to-eight-month transfer and realignment of freight-forwarding activities through SJA Logisol India Private Limited, including the operational arrangements still subject to completion.