Description
NSE announces listing of further equity shares issued on preferential basis by three SME EMERGE companies, effective December 12, 2025.
Summary
National Stock Exchange has admitted further equity shares of three SME EMERGE platform companies for trading effective December 12, 2025. The securities are issued pursuant to preferential allotments and warrant conversions with specified lock-in periods.
Key Points
- Grill Splendour Services Limited (BIRDYS): 200,000 equity shares at Rs. 10 face value, allotted on November 10, 2025 from warrant conversion at Rs. 85.61 issue price
- Magson Retail And Distribution Limited (MAGSON): 460,208 equity shares at Rs. 10 face value, allotted on October 4, 2025 under preferential basis at Rs. 93.25 issue price
- Transteel Seating Technologies Limited (TRANSTEEL): 91,500 equity shares at Rs. 10 face value, allotted on September 26, 2025 under preferential basis at Rs. 80 issue price
- All securities admitted to NSE Capital Market segment – SME EMERGE platform
- Trading to commence December 12, 2025 with designated security codes and specified lot sizes
Regulatory Changes
No regulatory framework changes. This circular implements existing regulations under NSE Capital Market Trading Regulations Part A, specifically Regulation 3.1.1 (admission of securities) and Regulation 2.5.5 (lot size specifications).
Compliance Requirements
- Trading members must identify securities by designated codes only
- Trading must be conducted in specified lot sizes: BIRDYS (1200 shares), MAGSON (1000 shares), TRANSTEEL (1000 shares)
- All securities are pari passu with existing equity shares
- Lock-in requirements apply as specified per SEBI guidelines
Important Dates
- Circular Date: December 11, 2025
- Effective Date: December 12, 2025 (trading commencement)
- Lock-in Expiry Dates:
- BIRDYS: June 14, 2026
- MAGSON: June 25, 2026 (67,000 shares) and June 25, 2027 (393,208 shares)
- TRANSTEEL: June 30, 2026
Impact Assessment
Market Impact: Minimal market-wide impact as this involves routine listing of preferential allotments in the SME segment with relatively small issuance sizes.
Company-Specific Impact:
- BIRDYS: 3.42% increase in equity base (200,000 new shares)
- MAGSON: 4.71% increase in equity base (460,208 new shares)
- TRANSTEEL: 0.42% increase in equity base (91,500 new shares)
Liquidity: Limited immediate trading impact due to lock-in periods ranging from 7-19 months. Shares currently credited under temporary ISINs pending permanent ISIN activation per SEBI guidelines.
Investor Considerations: Investors should note the lock-in schedules and that these are preferential allotments at prices significantly different from potential market prices.
Impact Justification
Routine listing of preferential allotments in SME segment with limited market-wide impact