Courts as Stewards: Leading the Charge in Environmental Just...
28 Mar 2026
Span Divergent Ltd. (formerly Span Diagnostics Ltd.) has successfully completed a preferential allotment of 18,01,481 equity shares to Mr. Neev Nirav Jogani, raising ₹5,79,35,628.96. The Board of Directors approved the allotment on March 28, 2026, following receipt of the full subscription amount and regulatory compliance procedures.
Allotment Details
The preferential issue was executed at an issue price of ₹32.16 per equity share, representing a premium of ₹22.16 over the face value of ₹10.00 per share. This pricing reflects the company's market positioning and investor confidence in its growth prospects.
Parameter: Details Total Shares Allotted: 18,01,481 Issue Price per Share: ₹32.16 Face Value: ₹10.00 Premium: ₹22.16 Total Amount Raised: ₹5,79,35,628.96 Allottee: Mr. Neev Nirav Jogani Category: Non-Promoter
Capital Structure Impact
The allotment has significantly enhanced Span Divergent's capital base, with the paid-up share capital increasing from ₹5,46,17,470 to ₹7,26,32,280. The total number of equity shares outstanding has expanded by 33.00% following this strategic capital infusion.
Particulars: Pre-Allotment Post-Allotment Change Number of Equity Shares: 54,61,747 72,63,228 +18,01,481 Paid-up Share Capital: ₹5,46,17,470 ₹7,26,32,280 +₹1,80,14,810
Shareholding Pattern Changes
Mr. Neev Nirav Jogani, who had no previous shareholding in the company, has acquired a substantial 24.80% stake through this preferential allotment. This represents a significant investment by a non-promoter entity, demonstrating external confidence in the company's business prospects.
Shareholding Details: Pre-Allotment Post-Allotment Percentage Mr. Neev Nirav Jogani: 0 18,01,481 24.80%
Regulatory Compliance and Process
The preferential issue was conducted in full compliance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Companies Act, 2013. The comprehensive approval process included board approval on January 23, 2026, and shareholder approval at an Extraordinary General Meeting held on February 20, 2026.
Next Steps
Span Divergent Ltd. will apply to stock exchanges for listing and trading approval of the newly allotted equity shares. The company has fulfilled all disclosure requirements under Regulation 30 of the Listing Regulations and made detailed information available on its website at www.span.in . The board meeting for the allotment commenced at 11:30 A.M. and concluded at 12:07 P.M. on March 28, 2026.
Span Divergent Ltd (formerly Span Diagnostics Ltd) has received in-principle approval from BSE Limited for a preferential equity issue worth approximately ₹57.9 crores. The approval, dated March 19, 2026, allows the company to issue 18,01,481 equity shares to a non-promoter investor.
Issue Details and Pricing Structure
The preferential issue comprises specific financial parameters that demonstrate the company's capital raising strategy:
Parameter: Details Number of Shares: 18,01,481 equity shares Face Value: ₹10.00 per share Issue Price: ₹32.16 per share Premium: ₹22.16 per share Allottee: Mr. Neev Nirav Jogani (Non-promoter) BSE Reference: LOD/PREF/GB/FIP/1914/2025-26
The issue price of ₹32.16 per equity share represents a significant premium over the face value, indicating investor confidence in the company's prospects. The entire allotment will be made to Mr. Neev Nirav Jogani, who is classified as a non-promoter.
Regulatory Compliance and Requirements
BSE has outlined comprehensive compliance requirements that Span Divergent must fulfill before proceeding with the allotment. The exchange emphasized that this in-principle approval should not be construed as approval for listing of the securities, which requires separate compliance procedures.
The company must ensure strict adherence to multiple regulatory frameworks including:
Companies Act, 2013
Securities Contracts (Regulation) Act, 1956
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Various other statutory and regulatory approvals
Internal Controls and Trading Restrictions
BSE has specifically advised Span Divergent to strengthen internal controls to monitor trades executed by the proposed allottee. Key requirements include:
Obtaining undertakings from allottees confirming no intra-day trading in company scrip
Ensuring no sale transactions in company scrip until allotment date
Verification responsibilities lie solely with the issuer company
Non-compliance may impact the listing of shares
Post-Allotment Obligations
Upon completion of the allotment, Span Divergent must submit a listing application within twenty days from the allotment date, as specified in SEBI regulations. The company will need to pay applicable fees and comply with post-issue formalities as outlined in Regulation 14 of the LODR Regulations.
BSE has reserved the right to withdraw this in-principle approval if any submitted information is found to be incomplete, incorrect, misleading, or in contravention of applicable regulations. The approval was communicated to the company on March 20, 2026, by Managing Director Viral Pradipkumar Desai, confirming the company's commitment to proceed with the preferential issue under the specified terms and conditions.
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