Change in Director / Key Managerial Personnel

  • Nature of change: Appointment of Mr. Rajendra Biswal as Company Secretary and Compliance Officer (KMP)
  • Name and DIN: Rajendra Biswal (Membership No.: A76448)
  • Effective date: July 23, 2026
  • Profile: Associate Member of the Institute of Company Secretaries of India (ICSI) with experience in corporate secretarial, legal and compliance functions. Specific expertise includes Board and Committee processes, corporate governance, fund raising through preferential issues, regulatory liaison with Stock Exchanges, ROC and SEBI, compliance with Companies Act 2013, SEBI Listing Regulations, and SEBI ICDR Regulations.
  • Relationship disclosure: Not Applicable (as per disclosure)

Key Financial or Operational Approvals

  • Increase in Authorized Share Capital: Approved increase from existing ₹110 crore to ₹500 crore, comprising ₹230 crore divided into 23 crore Equity Shares of ₹10 each and ₹270 crore divided into 27 crore Preference Shares of ₹10 each. Subject to shareholder approval and consequential alteration of Clause V of Memorandum of Association.
  • Related Party Transaction: Approved material related party transactions with Ocean Capital Market Limited (one of the promoters) under Regulation 23 of SEBI Listing Regulations, subject to shareholder approval.
  • Preference Share Issuance: Approved offer and issue of 25,00,00,000 (250 million) non-cumulative non-convertible redeemable preference shares of face value ₹10 each (total ₹250 crore) to Ocean Capital Market Limited on private placement basis in one or more tranches, subject to shareholder approval.
  • Instrument Details: 0.01% p.a. dividend, non-cumulative
  • Tenure: 22 months from date of allotment of each tranche
  • Redemption: At redemption premium sufficient to provide IRR of 12% per annum
  • Security: Unsecured, no charge on company assets
  • Listing: Not proposed to be listed
  • Valuation: Obtained independent valuation report from CA Prithvi Ranjan Parhi, Registered Valuer (IBBI Registration No. IBBI/RV/06/2020/12726)
  • Postal Ballot: Board approved convening of Postal Ballot for shareholder approvals with NSDL facilitating remote e-voting from July 31, 2026 to August 29, 2026. Scrutinizer report to be submitted to Chairman by August 31, 2026.

Strategic or Business Context

No specific business outlook, risk commentary, or strategic context provided in the disclosure beyond the capital structure changes and promoter funding arrangement.

Any Other Material Information

  • Board Meeting Timing: Commenced at 12:00 Hours and concluded at 17:16 Hours on July 23, 2026
  • Regulatory Compliance: All disclosures made pursuant to Regulation 30 of SEBI Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026
  • Company Registration: Plot No-38, Sector –A, Zone‐D, Mancheswar Industrial Estate, Bhubaneswar ‐751010 (Odisha)