Description

NSE announces listing of equity shares allotted pursuant to conversion of warrants on preferential basis for Black Box Limited (47,962 shares) and SPML Infra Limited (562,303 shares), effective December 18, 2025.

Summary

NSE has admitted equity shares of Black Box Limited and SPML Infra Limited to trading on the Capital Market segment effective December 18, 2025. These shares were allotted pursuant to conversion of warrants issued on a preferential basis. Black Box Limited issued 47,962 equity shares at Rs. 417 per share, while SPML Infra Limited issued 562,303 equity shares at Rs. 118.56 per share. Both securities will trade under their existing ISINs with market lot size of 1 and are subject to lock-in periods.

Key Points

  • Black Box Limited (Symbol: BBOX) lists 47,962 equity shares of Rs. 2/- face value
  • Shares allotted on November 12, 2025 from warrant conversion at Rs. 417 issue price
  • ISIN: INE676A01027, Distinctive Numbers: 170105238 to 170153199
  • Lock-in period until June 30, 2026 for Black Box shares
  • SPML Infra Limited (Symbol: SPMLINFRA) lists 562,303 equity shares of Rs. 2/- face value
  • Shares allotted on October 6, 2025 from warrant conversion at Rs. 118.56 issue price
  • ISIN: INE937A01023, Distinctive Numbers: 71689469 to 72251771
  • Lock-in period until June 30, 2027 for SPML Infra shares
  • Both securities have market lot size of 1 and rank pari passu with existing shares
  • Shares currently credited under temporary ISIN as per SEBI circulars on additional share issuance

Regulatory Changes

No regulatory changes introduced. 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 sizes).

Compliance Requirements

  • Trading members must use designated security codes (BBOX, SPMLINFRA) for identification on the trading system
  • Trading must be conducted in the specified market lot size of 1 share
  • Lock-in restrictions must be observed: Black Box shares locked until June 30, 2026; SPML Infra shares locked until June 30, 2027
  • Dematerialized shares are credited under temporary ISIN in accordance with SEBI circulars CIR/MRD/DP/21/2012 and CIR/MRD/DP/24/2012 regarding ISIN activation for additional share issues

Important Dates

  • December 17, 2025: Circular issue date
  • December 18, 2025: Effective date for listing and trading commencement
  • November 12, 2025: Black Box Limited allotment date
  • October 6, 2025: SPML Infra Limited allotment date
  • June 30, 2026: Lock-in expiry for Black Box Limited shares
  • June 30, 2027: Lock-in expiry for SPML Infra Limited shares

Impact Assessment

Market Impact: Minimal. This is a routine listing of preferentially allotted shares from warrant conversions. The quantities are relatively small (47,962 shares for Black Box and 562,303 shares for SPML Infra) and will have limited impact on overall market liquidity or pricing for these securities.

Company Impact: Moderate for the specific companies involved. The warrant conversion represents successful fundraising completion and increases the freely tradable share base (post lock-in expiry). The lock-in periods provide stability by preventing immediate selling pressure.

Investor Impact: Low to moderate. Existing shareholders experience minor dilution. Warrant holders who converted now have tradable securities (subject to lock-in). The pari passu status ensures equal rights with existing equity shares. Market participants can trade these securities from December 18, 2025, subject to lock-in restrictions.

Operational Impact: Minimal. Standard listing procedures apply with designated codes and lot sizes already specified for seamless trading system integration.

Impact Justification

Routine listing of further issues from warrant conversions for two companies with relatively small share quantities; limited market-wide impact, primarily affects existing shareholders and warrant holders of these specific securities.