SEBI finds ₹4,925 crore market cap rise for Dhenu Buildcon despite negligible revenues

This is an interim order by SEBI regarding Dhenu Buildcon Infra Limited (DBIL) and eight other entities/individuals, examining allegations of round-tripping of funds and manipulation of DBIL's financial statements and share price through purported loans and preferential allotments.

Dhenu Buildcon Infra Limited, Golkonda Aluminium Extrusions Limited, Shanta Agencies Private Limited, Shri Niwas Leasing and Finance Limited, Tiaan Consumer Limited, Twinkle Mercantiles & Credits Private Limited, Utsav Securities Limited, Surendra Kumar Jain, and Virendra Jain.

• SEBI initiated the examination based on a reference from the Serious Fraud Investigation Office (SFIO).
• SEBI found prima facie evidence of round-tripping of ₹1,000 crores in unsecured loans received by DBIL from seven entities between December 24, 2024, and December 31, 2024.
• Approximately ₹840 crores of these loans were converted into equity shares via preferential allotment to six of the lending entities.
• The allotment resulted in the new allottees holding approximately 99.70% of DBIL's outstanding equity shares.
• SEBI alleges prima facie violations of the PFUTP Regulations and the SEBI Act, including manipulation of books of accounts and financial statements.
• The order is interim, issued under Sections 11(1), 11(4), and 11B of the SEBI Act.
• DBIL's NBFC registration was cancelled by the Reserve Bank of India in September 2025.

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