Span Divergent Ltd. Receives BSE Listing Approval for 18,01,481 Preferential Equity Shares

Span Divergent Ltd. (formerly Span Diagnostics Ltd.), headquartered in Surat, Gujarat, has received listing approval from BSE Limited for 18,01,481 equity shares allotted on a preferential basis. The approval, issued on 05th May, 2026, was disclosed to the exchange by the company on 06th May, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Details of the Preferential Allotment

The listing approval covers equity shares allotted to a single non-promoter allottee. The following table summarises the key parameters of the preferential issue:

Parameter: Details Number of Shares: 18,01,481 (Eighteen Lakhs One Thousand Four Hundred Eighty-One) Face Value: Rs. 10/- per share Issue Price: Rs. 32.16/- per share Premium: Rs. 22.16/- per share Distinctive Numbers: 7276001 to 9077481 Date of Allotment: 28th March, 2026 Allottee: Mr. Neev Nirav Jogani (Non-promoter) BSE Listing Approval Ref.: LOD/PREF/GB/FIP/172/2026-27 Date of Listing Approval: 05th May, 2026

Regulatory Background and Prior Disclosures

The preferential allotment follows a series of regulatory disclosures made by the company, with intimations and filings dated 23rd January, 2026, 20th February, 2026, 21st February, 2026, 20th March, 2026, and 28th March, 2026. The listing approval letter was issued by BSE Limited and is enclosed with the company's regulatory filing. The disclosure was signed by Paras Desai, Wholetime Director and CFO of Span Divergent Limited.

Conditions for Trading Approval

BSE Limited has noted that trading approval for the aforementioned shares will be granted only upon fulfilment of the following conditions:

Submission of listing approval from the National Stock Exchange of India Ltd. (if applicable)

Confirmation letters from NSDL/CDSL confirming the crediting of shares to respective beneficiary accounts or admission of capital to the depository system

Confirmation letters from NSDL/CDSL regarding lock-in of pre-preferential holding (if applicable)

Further, BSE Limited has directed the company to comply with Regulation 167 of SEBI (ICDR) Regulations and noted that, as per Schedule XIX of ICDR Regulations and SEBI circular no. SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, listed entities are required to apply for trading approval within seven working days from the date of grant of listing approval. Non-compliance with this requirement will attract fines as specified in the said SEBI circular. Additionally, in the event of a change exceeding two per cent of the total paid-up share capital, the company is required to file the shareholding pattern in XBRL mode under Regulation 31(1)(c) of SEBI LODR Regulations, 2015.

Span Divergent Ltd. (formerly Span Diagnostics Ltd.) has submitted comprehensive regulatory disclosures to BSE Limited regarding the preferential allotment of 18,01,481 equity shares to Mr. Neev Nirav Jogani, completed on March 28, 2026. The detailed disclosure was filed under Regulation 29(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on April 1, 2026.

Official SEBI Disclosure Documentation

The formal disclosure letter was submitted by Mr. Neev Nirav Jogani as the acquirer to both the company's compliance officer and BSE Limited's Managing Director. The documentation confirms the acquisition was executed through preferential allotment, with Mr. Jogani acquiring shares worth ₹5,79,35,628.96 at ₹32.16 per share.

Filing Parameters: Details Filing Date: April 1, 2026 Regulation: SEBI (Substantial Acquisition) Regulations, 2011 Target Company: Span Divergent Limited Stock Exchange: BSE Limited Scrip Code: 524727 Acquirer Category: Non-Promoter

Detailed Acquisition Breakdown

The comprehensive SEBI disclosure reveals that Mr. Neev Nirav Jogani had no previous shareholding in Span Divergent Ltd. before this acquisition. The preferential allotment of 18,01,481 fully paid-up equity shares resulted in him acquiring a substantial 24.80% stake in the company.

Shareholding Analysis: Before Acquisition After Acquisition Change Shares Held: NIL 18,01,481 +18,01,481 Voting Rights: 0.00% 24.80% +24.80% Encumbrances: NIL NIL No Change Convertible Securities: NIL NIL No Change

Capital Structure Transformation

The allotment significantly enhanced Span Divergent's capital structure, with the company's equity share capital increasing from ₹5,46,17,470 to ₹7,26,32,280. The transaction was executed at a premium of ₹22.16 over the face value of ₹10.00 per share, demonstrating strong investor confidence.

Transaction Details: Specifications 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 Allotment Date: March 28, 2026

Regulatory Compliance and Market Impact

The disclosure confirms full compliance with SEBI regulations, with no voting rights acquired through instruments other than equity shares and no encumbrances involved. The acquisition represents a significant vote of confidence from a non-promoter entity in Span Divergent's business prospects and growth trajectory. The company will now proceed with applying for listing and trading approval of the newly allotted shares on BSE Limited.

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