NSE has notified the admission of further securities of three SME EMERGE companies — Mcon Rasayan India Limited (MCON), Rbm Infracon Limited (RBMINFRA), and Sadhav Shipping Limited (SADHAV) — to dealings on the Capital Market (SME EMERGE) segment, effective April 20, 2026. The securities arise from ESOP allotments, conversion of warrants on a preferential basis, and preferential allotments respectively.

Key Points

• Three SME EMERGE companies are listing additional equity shares effective April 20, 2026
• Mcon Rasayan India Limited (MCON): 6,298 equity shares of Rs. 10 each allotted under ESOP, ISIN INE0O4M01019, market lot 1,000, lock-in until March 29, 2027
• Rbm Infracon Limited (RBMINFRA): 5,30,000 equity shares of Rs. 10 each allotted via conversion of warrants at Rs. 386 per share, ISIN INE0NA301016, market lot 200, lock-in until October 31, 2027
• Sadhav Shipping Limited (SADHAV): 17,80,425 equity shares of Rs. 10 each allotted on preferential basis at Rs. 118 per share, ISIN INE0K5H01010, market lot 600, lock-in until October 31, 2026
• All allotted shares are pari passu with existing equity shares
• Temporary ISINs (IN8*) are being used pending activation in accordance with SEBI circulars CIR/MRD/DP/21/2012 and CIR/MRD/DP/24/2012

Regulatory Changes

No new regulatory changes introduced. The listing is in pursuance of Regulation 3.1.1 and Regulation 2.5.5 of the National Stock Exchange (Capital Market) Trading Regulations Part A, which govern admission of further securities and lot size specifications respectively.

Compliance Requirements

• Trading members must use designated security codes (MCON, RBMINFRA, SADHAV) for identification on the trading system
• Trading must be conducted in the specified lot sizes: 1,000 for MCON, 200 for RBMINFRA, and 600 for SADHAV
• Lock-in restrictions must be observed: MCON shares locked until March 29, 2027; RBMINFRA shares locked until October 31, 2027; SADHAV shares locked until October 31, 2026

Important Dates

• April 17, 2026: Circular issued
• April 20, 2026: Effective date — securities admitted to dealings on NSE SME EMERGE
• March 30, 2026: Date of allotment for MCON ESOP shares
• August 12, 2025: Date of allotment for RBMINFRA warrant conversion shares
• February 27, 2026: Date of allotment for SADHAV preferential shares
• March 29, 2027: MCON lock-in expiry
• October 31, 2026: SADHAV lock-in expiry
• October 31, 2027: RBMINFRA lock-in expiry

Impact Assessment

The impact is limited to traders and investors in these three SME EMERGE stocks. The additional shares expand the float marginally — MCON adds only 6,298 shares (negligible), RBMINFRA adds 5,30,000 shares at an issue price of Rs. 386, and SADHAV adds 17,80,425 shares at Rs. 118. All newly listed shares are subject to lock-in periods, limiting immediate selling pressure. No broader market or regulatory impact is anticipated.