SPML Infra raises ₹190 crore via share sale as Kedia family lifts stake
What's the deal? India's SPML Infra has raised more than ₹190 crore (roughly $19.7 million) in a post-IPO equity round through a preferential allotment of shares and convertible warrants. The company's board approved the issue on July 18, 2026, pricing both the equity shares and warrants at ₹186 each.
Who's backing it? Investor Manju Vijay Kedia, wife of veteran stock-picker Vijay KediaDealroom has a profile for this one. Try Dealroom →, subscribed to 13,45,000 warrants. Once converted, the family's combined holding through Kedia SecuritiesDealroom has a profile for this one. Try Dealroom → and Manju Vijay Kedia will rise to 28,43,107 shares — close to 3% of the enlarged company.
The debt angle: National Asset Reconstruction Company Ltd (NARCL) converted an existing ₹7.16 crore loan into 3,84,858 equity shares. SPML said the move helps strengthen its balance sheet alongside the fresh capital coming in.
Why now? This is a quick re-raise. Vijay Kedia first acquired 14,98,107 shares in January 2026 through Kedia Securities and has held the entire stake, with the family now adding to its position months later.
What's the endgame? SPML is using the capital for growth and to convert debt into equity. The company received the initial 25% of the warrant subscription — ₹44.36 crore — with the remaining 75% due at conversion. Once all warrants convert, promoter group shareholding is expected to reach close to 42%.
The bigger picture: SPML has been building out its energy storage business. In April 2026, it won a ₹1,128 crore EPC order from NTPCDealroom has a profile for this one. Try Dealroom → for Battery Energy Storage Systems at thermal stations in Barauni, Bihar — one of the largest single BESS orders in India to date.
Financial footing: Since 2022, SPML has infused ₹819 crore through equity, including ₹388 crore from promoters. It holds banking limits of ₹505 crore and expects arbitration proceeds of about ₹627 crore to cover roughly ₹380 crore of debt due over the next five years.
The signal: Continued backing from one of India's best-known retail investors is being read as an endorsement of SPML's turnaround, as the infrastructure firm pivots toward the country's renewable energy transition.
Read more: NBM&CW
Image credit: Generated with Gemini
