Speedex's 1,200:1 bonus issue lifted shares to 1.29 crore

Speedex's January 28, 2026, 1,200:1 bonus issue added 1,28,88,000 equity shares and took its share base from 10,740 to 1,28,98,740. The nil-consideration allotment followed two 2025 rights issues of 430 shares at Rs 70,000 each, while the prospectus records later promoter sales at Rs 136 per share.

How did Speedex's 1,200:1 bonus issue expand its share base?

Speedex increased its outstanding equity shares by 1,28,88,000 on January 28, 2026, issuing 1,200 new shares for every one share then held. The allotment raised cumulative equity shares from 10,740 to 1,28,98,740, so each pre-bonus share represented 1,201 shares after including the original holding. The issue price and consideration were nil because the company capitalised reserves and surplus rather than receiving cash from shareholders.

Speedex's board authorised the bonus issue on January 17, 2026, and shareholders approved it at an extraordinary general meeting, or EGM, on January 20, 2026. Every equity share has a face value of Rs 10. The company reported issued, subscribed and fully paid-up capital before the offer of Rs 12.90 crore, while authorised capital was Rs 20 crore, represented by 2 crore equity shares.

What was Speedex's share capital before the bonus issue?

Speedex built the 10,740-share pre-bonus base through incorporation, a January 23, 2024 private placement, and two rights issues in 2025. It issued 10,000 shares at incorporation at Rs 10 each. The 2024 private placement, an allotment to named investors, added 310 shares at Rs 65,309 each and increased the cumulative total to 10,310 shares.

The February 28 and March 28, 2025 rights issues added 60 and 370 shares, respectively, at Rs 70,000 per share. A rights issue is an offer of shares to existing shareholders. Atul Tulsian received the 60 shares through an entitlement renounced by Akash Aggarwal, and then received the 370 shares in the March allotment. These cash allotments added 430 shares, whereas the January 2026 bonus issue added 1,28,88,000 shares without cash consideration.

The Rs 70,000 rights-issue price and nil-price bonus allotment therefore relate to different mechanisms. The rights issues increased Speedex's equity capital through cash subscriptions, while the bonus issue capitalised reserves and surplus. The 1,200:1 ratio means the later bonus issue multiplied the share count attached to each earlier holding without itself generating subscription proceeds.

How did later promoter sales change Speedex's ownership record?

Speedex disclosed six promoter sale entries at Rs 136 per share on August 31 and September 1, 2026, involving 5,35,676 shares in total. Akash Aggarwal sold 7,353 shares to Sachin Sodhi, 11,030 shares to Harshita Bansal and 1,63,814 shares to Abakkus Venture Opportunities Fund. Rohit Garg sold 2,90,221 shares to Founders Collective Fund, while Ankit Bansal sold 59,361 shares to Abakkus Venture Opportunities Fund and 3,897 shares to Founders Collective Fund.

The transaction record shows that Akash Aggarwal's holding fell from 23,09,523 shares after the bonus allotment to 21,27,326 shares after the three sales. Rohit Garg's holding declined from 19,82,851 to 16,92,630 shares, and Ankit Bansal's from 12,69,457 to 12,06,199 shares. The prospectus also records transfers at Rs 84,730 per share in December 2025 and January 2026, but those occurred before the January 28, 2026 bonus issue and are not presented with an adjusted comparison.

How concentrated is Speedex ownership before the offer?

Speedex's promoters and promoter group held 1,13,10,904 of 1,28,98,740 pre-offer shares, equal to 87.68% of equity. The six promoters held 93,74,976 shares, or 72.68%, and five promoter-group members held 19,35,928 shares, or 15.00%. The public category held the remaining 15,87,836 shares, or 12.32%, across 16 shareholders.

Rakesh Kumar Aggarwal was the largest individual promoter shareholder with 31,92,258 shares, or 24.75% of pre-offer equity. Akash Aggarwal held 16.49%, Rohit Garg held 13.12%, and Ankit Bansal held 9.35%. Speedex stated that promoter shares were fully paid, dematerialised and free of pledges or other encumbrances as of the red herring prospectus date; it also reported no outstanding preference shares or employee stock-option scheme.

What could change after Speedex's proposed offer?

Speedex proposes an offer of up to 43,08,000 equity shares, comprising a fresh issue of up to 34,46,400 shares and an offer for sale of up to 8,61,600 shares. A fresh issue creates new shares for the company, while an offer for sale is a sale by existing shareholders. Up to 2,16,000 shares are reserved for the market maker, an intermediary required to provide two-way quotes, leaving up to 40,92,000 shares in the net offer to the public.

The post-offer share count and ownership percentages were not specified because the offer price and basis of allotment remained unfinalised in the capital-structure table. Speedex's board authorised the offer on January 17, 2026, shareholders approved the fresh issue on January 20, 2026, and the board recorded consent for the offer for sale on March 27, 2026. Under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements regulations, 20% of fully diluted post-offer equity is to be treated as minimum promoters' contribution and locked in for three years from allotment.

Conclusion

Speedex's capital history records a substantial change in share count rather than a sequence of similarly sized cash issuances. The company moved from 10,740 shares after the two Rs 70,000 rights issues to 1,28,98,740 shares through the January 2026 bonus issue, while promoters and the promoter group retained 87.68% of pre-offer equity following the disclosed Rs 136 transfers.

The final basis of allotment and post-offer shareholding pattern are the next disclosed items to watch. Those updates are needed to establish dilution from the proposed 34,46,400-share fresh issue, the completed 8,61,600-share offer for sale, and the specific holdings subject to the stated lock-in requirements.