Stellant raises Rs 40.84 crore through equity allotment

Stellant Securities (India) Limited allotted 678,388 equity shares to non-promoters for Rs 40.84 crore on 4 November 2026 and received Rs 2.50 crore, or 25% of consideration, for 166,200 promoter and promoter-group warrants priced at Rs 602 each.

What equity shares did Stellant allot to non-promoters?

Stellant allotted 678,388 equity shares of face value Rs 10 each to non-promoter allottees at Rs 602 per share on 4 November 2026. The issue price included a premium of Rs 592 per share, and the cash consideration for the direct share allotment aggregated to Rs 40.84 crore.

The preferential issue moved through three disclosed approval steps. Shareholders approved the equity shares and warrants at an extraordinary general meeting on 24 August 2026, BSE Ltd granted in-principle approval on 21 October 2026, and the board approved the allotments on 4 November 2026. Stellant said the issue followed Chapter V of the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Regulations, 2018.

The completed equity issuance differs from the warrant transaction because the 678,388 non-promoter securities were shares allotted directly on 4 November 2026. The filing describes the consideration as cash but does not identify the non-promoter allottees individually, state the purpose for the Rs 40.84 crore, or allocate proceeds between the company’s securities-market and bullion-trading segments.

What are Stellant’s promoter warrant terms?

Stellant allotted 166,200 warrants to its promoter and promoter group at Rs 602 per warrant, with each warrant convertible into one equity share of face value Rs 10. As with the non-promoter equity issue, the warrant price comprised a Rs 592 premium and Rs 10 face value.

Stellant reported receipt of Rs 2.50 crore, representing 25% of the total consideration payable for the warrants. The disclosed warrant count and issue price imply a total warrant consideration of Rs 10.01 crore, leaving 75% of the consideration outstanding if the warrants are to be converted under the disclosed terms.

The filing does not provide a conversion deadline, expiry date, date for payment of the remaining 75%, or a post-conversion share count. The potential share issuance from warrants is therefore distinct from the 678,388 shares already allotted to non-promoters on 4 November 2026.

How does the allotment compare with Stellant’s reported capital?

Stellant’s standalone balance sheet showed equity share capital of Rs 5.86 crore at 30 September 2026, compared with Rs 5.71 crore at 31 March 2026. Other equity was Rs 93.50 crore at 30 September, up from Rs 72.45 crore at the March year-end, taking total equity to Rs 99.36 crore from Rs 78.16 crore.

The direct share allotment occurred after the 30 September 2026 balance-sheet date, so the filing gives no post-allotment equity-share-capital figure. The results table separately lists paid-up equity share capital of Rs 5.69 crore at 30 September 2026 and Rs 5.54 crore at 30 June 2026, while the balance sheet reports Rs 5.86 crore at 30 September; Stellant does not explain this difference.

The September results were reviewed by the audit committee and approved by the board on 13 November 2026. Because the Rs 40.84 crore equity allotment was approved on 4 November 2026, the filing does not reconcile that transaction with the 30 September balance sheet or show its effect on outstanding shares as of 13 November.

What was Stellant’s financial position before the allotment?

Stellant reported total assets of Rs 124.84 crore at 30 September 2026, compared with Rs 81.85 crore at 31 March 2026. Inventories increased to Rs 86.95 crore from Rs 42.89 crore, while cash and cash equivalents decreased to Rs 35.30 crore from Rs 37.54 crore over the same six-month period.

Current liabilities rose to Rs 25.48 crore at 30 September 2026 from Rs 3.69 crore at 31 March 2026. Trade payables were Rs 16.99 crore versus Rs 58.43 lakh, other current liabilities were Rs 74.26 lakh versus Rs 1.06 lakh, and provisions were Rs 7.74 crore versus Rs 3.09 crore.

For the half year ended 30 September 2026, net cash used in operating activities was Rs 5.56 crore, compared with net cash generated of Rs 32.46 crore in the corresponding period of 2025. The cash-flow statement recorded an inventory increase of Rs 44.06 crore and a Rs 98.31 lakh increase in trade and other receivables, partly offset by a Rs 21.79 crore increase in trade and other payables.

How did Stellant’s operating segments change in the September quarter?

Stellant’s total revenue from operations was Rs 20.60 crore in the quarter ended 30 September 2026, down from Rs 41.05 crore in the quarter ended 30 September 2025. Securities Market Trading and Advisory revenue declined to Rs 9.06 crore from Rs 40.54 crore, while Bullion Trading revenue increased to Rs 11.54 crore from Rs 50.90 lakh.

The quarter’s profit after tax was Rs 40.21 lakh, compared with Rs 29.24 crore a year earlier. Profit before tax was Rs 53.21 lakh against Rs 39.08 crore, reflecting a securities-market segment result of Rs 30.01 lakh, compared with Rs 39.01 crore in the prior-year quarter; Bullion Trading’s segment result was Rs 7.36 lakh, against Rs 65,000.

At 30 September 2026, Securities Market Trading and Advisory accounted for Rs 124.72 crore of segment assets, while Bullion Trading accounted for Rs 11.55 lakh. Stellant identifies these as its two operating segments under Indian Accounting Standard 108, but the filing does not state whether the preferential-issue cash will support either segment.

Conclusion

The disclosed financing comprises a completed non-promoter equity issue worth Rs 40.84 crore and a promoter-group warrant allotment that had collected Rs 2.50 crore by the filing date. These transactions followed a half year in which revenue from operations fell to Rs 32.39 crore from Rs 43.37 crore, while inventories rose to Rs 86.95 crore from Rs 42.89 crore.

The next disclosed matter to watch is the potential conversion of 166,200 promoter and promoter-group warrants, for which 75% of the implied Rs 10.01 crore consideration remained unpaid. Stellant has not disclosed a warrant conversion timetable, updated post-allotment share capital, the identity of non-promoter allottees, or the intended use of the Rs 40.84 crore proceeds.