Key Decisions Approved
1) Preferential Issuance of Fully Convertible Warrants to Promoter
The Board of Directors approved the preferential issue of 10,93,750 Fully Convertible Warrants to Mr. Milind Padole (Promoter) at an issue price of ₹192 per warrant (including premium of ₹182 per share).
The price was determined in accordance with Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The issuance is against conversion of the outstanding loan amounting to ₹21 crore advanced by Mr. Milind Padole to the company.
Financial Impact
The allotment will result in extinguishment of the corresponding loan liability of ₹21 crore to the extent of the issue consideration.
Conversion Terms
Each warrant shall be convertible into an equivalent number of equity shares of ₹10 each within a maximum period of 18 months from the date of allotment.
2) Approval of Postal Ballot Notice
The Board approved the draft Postal Ballot Notice for seeking shareholder approval through remote e-voting for the preferential issue.
Meeting Details
The Board meeting commenced at 3:15 p.m. and concluded at 6:30 p.m. on July 17, 2026, at the company's registered office in Village Wadki, Taluka Haveli, Dist. Pune, Maharashtra.
Shareholding Impact (Annexure B)
- Pre-issue holding: Mr. Milind Padole holds 32,87,075 shares (27.74%)
- Post-issue holding: No immediate change in shareholding as warrants are not equity shares
- Post-conversion fully diluted holding: 43,80,825 shares (33.84% of increased capital)
The disclosure includes the note: "There will be no change in the holding on account of preferential issue of Warrants" and "*Paid-up capital will increase only on conversion of warrants over a period of 18 months."