Rights Issue Call
Sobha Issues Final Forfeiture Notice on Partly Paid Rights Shares; ₹825.50 Call Due November 24
Sobha Limited has issued a final reminder-cum-forfeiture notice for the first and final call on its outstanding partly paid-up rights equity shares. Holders must pay ₹825.50 per share by Tuesday, 24 November 2026, or the unpaid shares become liable to forfeiture.
| Call amount per partly paid share | ₹825.50 (₹5.00 face value plus ₹820.50 premium) |
|---|---|
| Payment window | 10 November to 24 November 2026, both days inclusive |
| Consequence of non-payment | Shares with unpaid call money become liable to forfeiture, including any amount already paid on them |
| Shares covered | 28,202 in the August 2025 reminder; a market data listing cites 20,857 for the 2026 notice |
| Rights issue issue price | ₹1,651 per share (premium ₹1,641 per share) |
| Rights ratio | 6 rights equity shares for every 47 fully paid-up shares held on the record date of 19 June 2024 |
| Partly paid shares allotted | 11 July 2024 |
| Funds raised in the rights issue | ₹1,999.03 crore (subscription window 28 June to 4 July 2024) |
| Status as of 23 October 2026 | Payment window open; deadline 24 November 2026 |
What happened
Sobha Limited, the Bengaluru-based realty developer listed on BSE and NSE, has issued a final reminder-cum-forfeiture notice for the first and final call on its partly paid-up rights equity shares. The company's October 2026 announcement list shows the entry on 19 October 2026. Holders are asked to pay ₹825.50 per partly paid share within the window of 10 to 24 November 2026, both days inclusive.
The call comprises ₹5.00 towards face value and ₹820.50 towards premium. If the amount is not paid by 24 November 2026, the partly paid shares on which call money remains unpaid will be liable to forfeiture. The forfeiture also covers amounts already paid on those shares.
The company describes the notice as a last opportunity for eligible shareholders to settle their dues and avoid forfeiture.
Background: the 2024 rights issue
The board approved the rights issue on 12 June 2024. The company proposed to issue up to 1,21,07,981 equity shares on a partly paid basis, for an amount of up to ₹2,000 crore. The issue price was ₹1,651 per share, and the ratio was 6 rights shares for every 47 fully paid-up shares held on the record date of 19 June 2024. The issue opened on 28 June and closed on 4 July 2024.
Applicants paid ₹825.50 per partly paid share as application money. The partly paid shares were allotted on 11 July 2024. The rights issue raised ₹1,999.03 crore. The balance of ₹825.50 per share, the call now being sought, was deferred to later calls.
Business Standard reported in May 2024 that the promoters, who held 52 per cent of the company, said they would take part in the issue, and that the equity capital was expected to rise to ₹4,500 crore from ₹2,500 crore.
Payment history of the call
- 14 November 2024: the board decided to make a first and final call of ₹825.50 per partly paid share.
- 9 December 2024: the first and final call notice was filed with the NSE. The record date was 6 December 2024, and the last date for payment was 10 January 2025.
- 28 November 2024: a broker circular told members not to deal in the partly paid shares after the record date.
- 3 April 2025: a second reminder-cum-forfeiture notice was issued, with a payment deadline of 2 May 2025.
- 28 August 2025: a third and final reminder-cum-forfeiture notice covered 28,202 outstanding partly paid-up rights equity shares. The payment window ran from 12 to 26 September 2025.
- 19 October 2026: the final reminder-cum-forfeiture notice appears in the company's announcement list. The payment window is 10 to 24 November 2026.
The 2026 notice is the latest in this series. The exchange-filed text for the 2026 notice has not been reviewed directly, so the share count for the 2026 notice is given with attribution in the key facts above.
Company context: results and sales
Sobha reported Q2 FY27 results on 19 October 2026. Consolidated revenue was ₹967.06 crore, down 31.3 per cent year on year. Net profit was ₹32.96 crore, down 54.56 per cent. Some sources report total income near ₹1,017 crore, which includes other income. The figures above use the consolidated revenue basis.
On 2 October 2026, the company said sales value in Q2 FY27 was ₹2,206 crore, up 16 per cent from Q2 FY26, on 1.42 million square feet sold. For the first half of FY27, sales reached ₹5,862 crore, up 47.2 per cent, while first-half profit after tax fell 2.6 per cent to ₹84 crore.
In the October 2026 results filing, the company also said it approved the acquisition of the fire and safety business of Sobha Projects and Trade Private Limited on a slump sale basis. It said land parcels held by Technobuild Developers Private Limited remain provisionally attached under PMLA proceedings, and that income tax demands from a March 2023 search remain under appeal.
Use of rights issue funds
The monitoring agency, ICRA Limited, reported no material deviation in the use of rights issue proceeds for the quarter ended 30 September 2026. Net proceeds credited to the monitoring account stood at ₹1,984.25 crore as of 31 December 2025, according to an earlier monitoring report.
What it means for holders and the market
For holders of the partly paid shares, the decision is a cash call. Each share requires ₹825.50 by 24 November 2026. Holders who do not pay risk losing those shares along with the amount already paid on them. Because the deadline is fixed by the notice, holders who want to act should confirm their own holding and their depository or registrar records before the window closes.
For the wider market, the notice adds a fixed cash inflow to the company's equity base, which was ₹2,500 crore before the rights issue. The company's sales growth in the first half of FY27 and its profit figures are reported separately from the call.
What comes next
- The payment window runs from 10 November to 24 November 2026, both days inclusive.
- After 24 November 2026, unpaid partly paid shares become liable to forfeiture, as set out in the notice.
- The next monitoring report on rights issue proceeds will cover the quarter ending 31 December 2026. No filing date for it has been announced.
Frequently asked questions
How much do holders of partly paid Sobha rights shares have to pay?
₹825.50 per partly paid share, made up of ₹5.00 face value and ₹820.50 premium.
When is the deadline?
Payment is accepted from 10 November 2026 to 24 November 2026, both days inclusive.
What happens if the call is not paid?
The partly paid shares on which the call remains unpaid become liable to forfeiture, and this includes any amount already paid on those shares.
Is this the first call notice on these shares?
No. The first and final call notice was filed in December 2024 with a payment deadline of 10 January 2025. Reminders followed in April 2025 and August 2025, and the current notice is the latest in the series.
How many shares does the 2026 notice cover?
A market data listing cites 20,857 partly paid shares for the 2026 notice. The August 2025 reminder covered 28,202 shares.
What was the rights issue price and ratio?
The issue price was ₹1,651 per share, and the ratio was 6 rights equity shares for every 47 fully paid-up shares held on the record date of 19 June 2024.