SPML Infra share price traded lower after the company announced that its Board of Directors has approved raising of ₹190 crore by way of issuing preference shares and warrants. The small-cap stock declined as much as 2.01% to ₹201.65 apiece on the BSE.
The water and energy infrastructure company, SPML Infra, said it has allotted 6,93,999 equity shares and 95,39,449 convertible warrants on a preferential basis, in a move aimed at raising fresh growth capital and converting existing debt into equity. The allotment was approved by the Board of Directors through a circular resolution passed on July 18, 2026.
The equity shares were issued at a price of ₹186 per share, including a premium of ₹184 per share, while the warrants were also priced at ₹186 each. In accordance with the SEBI regulations, the warrants will be converted into equity shares within 18 months from the date of allotment.
Capital Infusion and Debt Conversion
The preferential issue brings in a fresh capital infusion of ₹5.75 crore through equity shares issued to non-promoters. In a significant balance sheet strengthening step, National Asset Reconstruction Company Ltd (NARCL) has converted an existing loan of ₹7.16 crore into 3,84,858 equity shares of the company, SPML Infra said in a regulatory filing.
The warrants have been allotted to a mix of promoter group entities and non-promoters. The company has received the initial 25% of the warrant subscription amount, totalling ₹44.36 crore, with the remaining 75% to be infused at the time of conversion of warrants into equity shares.
Upon full conversion of all warrants, the promoter group’s shareholding in the company is expected to be close to 42%.
Vijay Kedia Family Raises Stake
Ace investor Vikay Kedia’s wife Manju Kedia, has also participated in the current preferential issue by subscribing 13,45,000 warrants of SPML Infra.
Vijay Kedia had earlier acquired 14,98,107 shares of SPML Infra in January 2026 through his firm Kedia Securities Ltd.
Upon conversion of the warrants, the combined holding of Kedia Securities Ltd. and Manju Vijay Kedia will rise to 28,43,107 shares. On the expanded equity base following the preferential issue and full conversion of all warrants, this translates into a total stake of close to 3% of the company.
SPML Infra Share Price Performance
SPML Infra share price has risen 3% in one month, and has gained 12% in six months. While the smallcap stock has fallen 25% in one year, it has jumped more than 385% in three years. SPML Infra stock price has delivered multibagger returns of 1,734% over the past five years.
At 1:35 PM, SPML Infra share price was trading 0.97% lower at ₹203.80 apiece on the BSE.
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