Vijay Kedia family raises stake in multibagger stock that has surged over 1700% in five years

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.

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%.

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 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.

Ankit Gohel is the Deputy Chief Content Producer at Livemint, specialising in financial markets, macroeconomics, and regulatory developments. With a strong focus on equity markets, primary issuances, and policy-driven market movements, he brings clarity to complex financial developments for investors and market participants. <br><br> With nine years of experience in business and financial journalism, Ankit’s approach is rooted in the belief that market reporting should go beyond headlines — connecting data, policy, and ground realities to deliver actionable insights. His work consistently bridges the gap between institutional analysis and investor understanding. <br><br> Ankit has spent three years at Livemint, where he currently helps drive market coverage, editorial strategy, and high-impact financial stories. Prior to this, he worked with leading business news networks such as CNBC-TV18, ET Now, TickerPlant News Service where he built deep expertise in stock market analysis, macroeconomic trends, primary markets, and coverage of key regulators including the RBI and SEBI. <br><br> Over the years, he has covered market cycles across bull and bear phases, IPO booms, liquidity shocks, and major policy shifts that reshaped investor sentiment. He has interviewed fund managers, corporate leaders, and policymakers, translating their perspectives into sharp, data-backed narratives....