SMC Global puts Rs 106 crore warrant proposal to vote at EGM

At its November 6, 2026 extraordinary general meeting (EGM), SMC Global Securities Limited put a proposal for up to 1 crore fully convertible warrants at Rs 106 each, representing up to Rs 106 crore, to a shareholder vote. The result was not included in the meeting proceedings.

What warrant issue did SMC Global place before shareholders?

SMC Global placed one special resolution before shareholders to issue up to 1 crore fully convertible warrants on a preferential basis to persons or entities in the non-promoter category. Each warrant carries an issue price of Rs 106 and can convert into one equity share with a face value of Rs 2, making the proposed issue size up to Rs 106 crore.

The proposal was the sole business item at the November 6, 2026 EGM. The meeting began at 11:00 AM through video conferencing and other audio-visual means, formally concluded at 11:45 AM, and the electronic voting facility remained open until 12:00 PM.

SMC Global said the Rs 106 warrant price exceeded the Rs 105.62 minimum price determined under the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements (ICDR) Regulations. The relevant date for that minimum-price calculation was October 7, 2026, while the proposed price is Rs 0.38 higher than the disclosed regulatory minimum.

How would payment and conversion of the warrants work?

SMC Global said 25% of the Rs 106 price is payable when warrants are allotted and the remaining 75% is payable when holders exercise their conversion option. At the maximum 1 crore-warrant issuance, this structure would mean up to Rs 26.50 crore at allotment and up to Rs 79.50 crore on exercise.

Holders would have 18 months from allotment to convert each warrant into one equity share. The proceedings do not state an allotment date, so they do not establish the final date by which the conversion option must be exercised.

The staged structure means the full Rs 106 crore would depend on both allotment and subsequent conversion by warrant holders within the 18-month period. SMC Global also informed members of the expected change in shareholding on full conversion, but the proceedings do not disclose the before-and-after ownership percentages or the number of warrants allocated to each proposed recipient.

What would SMC Global use the warrant proceeds for?

SMC Global said the up-to-Rs-106-crore proceeds are proposed for investments in Stoxkart Fintech Limited and SMC Capitals Limited, as well as its working capital and general corporate purposes. The stated deployment therefore combines funding for two subsidiaries with parent-level operating and corporate requirements.

The proceedings do not divide the Rs 106 crore among Stoxkart Fintech Limited, SMC Capitals Limited, working capital and general corporate purposes. They also do not give a timetable for investments in either subsidiary, a project-specific spending plan, or financial targets linked to the proposed funding.

The use-of-proceeds description contains four stated categories, rather than one acquisition or asset purchase. Management presented those categories as the rationale for the preferential issue at the November 6 EGM, while the actual amount received would remain subject to the 25% allotment payment and the 75% exercise payment.

What happened at SMC Global’s November 6 EGM?

SMC Global held the EGM virtually on November 6, 2026, with 105 members attending through the video conferencing and other audio-visual facility. The company had 30,894 shareholders as of the October 30, 2026 cut-off date, distinguishing virtual-meeting attendance from its total shareholder base.

Remote electronic voting was available from 9:00 AM on November 3, 2026 until 5:00 PM on November 5, 2026. Shareholders who had not voted remotely could vote during the EGM and for 15 minutes after it ended, while there was no vote by show of hands.

The board appointed Arvind Kumar Roy, a practising company secretary, to scrutinise remote voting and voting conducted during the EGM. SMC Global said a certificate confirming the proposed issue’s compliance with Chapter V of the SEBI ICDR Regulations was placed before the meeting and made available on its website.

When will SMC Global disclose the voting outcome?

SMC Global said it would declare the voting results, together with the scrutiniser’s report, within two working days after the November 6, 2026 EGM. It said those results would be submitted to the stock exchanges and hosted on its website.

The proceedings record the resolution’s consideration and the availability of voting facilities, not a passed or failed result. As of that filing, the proposed non-promoter warrant issue and its potential Rs 106 crore proceeds remained subject to the disclosed voting outcome.

If shareholders approve the special resolution, the conversion window would run for 18 months from the eventual allotment date. The filing does not disclose when allotment could occur, the identities of allottees, or the final number of warrants that may be converted into equity shares.

Conclusion

SMC Global’s proposal would allow up to 1 crore warrants to be issued at Rs 106 each, with potential proceeds of Rs 106 crore directed to two named subsidiaries, working capital and general corporate purposes. The funding would not arrive entirely at allotment, because the maximum initial payment is Rs 26.50 crore and the remaining Rs 79.50 crore depends on exercise.

The next disclosed event is the voting result and scrutiniser’s report, which SMC Global said would be released within two working days of the November 6, 2026 EGM. If the resolution passes, the key disclosed mechanics to watch are warrant allotment and conversion decisions during the 18-month exercise period.