EGM Details and Voting Arrangements
- EGM Date: Monday, 29 June 2026 at 03:00 PM IST
- Mode: Video Conferencing (VC) or Other Audio Video Means (OAVM)
- Remote e-voting period: Friday, 26 June 2026 (09:00 AM IST) to Sunday, 28 June 2026 (05:00 PM IST)
- Cut-off date for eligibility: Monday, 22 June 2026
- E-voting agency: MUFG Intime India Private Limited (formerly Link Intime India Private Limited)
- Scrutinizer: CS Ankit Joshi, Practicing Company Secretary (CP No.: 18660, M. No.: FCS 13203)
Agenda Items and Resolutions
Item 1: Preferential Issue of Convertible Warrants
Resolution Type: Special Resolution
Purpose: Approval to create, offer, issue, and allot up to 11,00,000 convertible warrants to non-promoters on preferential basis
Financial Details:
- Face value: ₹10 per warrant
- Issue price: ₹119 per warrant (including premium of ₹109)
- Total issue size: ₹13,09,00,000
- Conversion terms: Each warrant convertible into one equity share of ₹10 face value at ₹119 per share
- Conversion period: Within 18 months from allotment date
- Payment structure: 25% payable at subscription (₹29.75 per warrant), 75% payable at conversion (₹89.25 per warrant)
Allottees Details (Non-Promoters):
| S. No. | Name | Warrants Allocated |
| 1 | Henal Mayank Mamania | 1,00,000 |
| 2 | Mavira AMC LLP | 1,00,000 |
| 3 | Hemangi Sushil Bheda | 1,00,000 |
| 4 | Sonal R Karani | 2,00,000 |
| 5 | Shailesh Lahoti | 1,00,000 |
| 6 | Manju Devi Lahoti | 1,00,000 |
| 7 | Hirji Bharmal Shah HUF | 1,00,000 |
| 8 | Vijesh Chandrakant Shah | 1,00,000 |
| 9 | Jayantkumar Nandlal Shah | 2,00,000 |
| Total | | 11,00,000 |
Pricing Basis:
- Relevant date: 29 May 2026
- 90-day VWAP: ₹106.63
- 10-day VWAP: ₹118.61
- Floor price: ₹118.61 (higher of the two)
- Issue price: ₹119 (above floor price)
Utilization of Proceeds:
- Entire ₹13.09 crore earmarked for working capital requirements
- Tentative utilization completion by 30 June 2028
- Interim use permitted in bank deposits and government securities
Shareholding Impact:
- Pre-issue paid-up capital: 2,38,24,704 equity shares
- Post-full conversion: 2,49,24,704 equity shares
- Promoter holding dilution: from 73.60% to 70.35%
- No change in management control
Regulatory Compliance:
- Valuation report obtained from IBBI Registered Valuer CS Hemang Harshadbhai Shah
- Company Secretary certificate from CS Ankit Joshi
- No monitoring agency required (issue size < ₹100 crore)
Item 2: Borrowing Limits Approval
Resolution Type: Special Resolution
Purpose: Approval under Section 180(1)(c) to borrow money exceeding paid-up capital and free reserves
Limit: Maximum borrowing limit of ₹700 crore outstanding at any time
Exclusion: Temporary loans from bankers in ordinary course
Item 3: Creation of Charge on Assets
Resolution Type: Special Resolution
Purpose: Approval under Section 180(1)(a) to create mortgage/charge on movable and immovable properties
Security Purpose: To secure borrowings up to ₹700 crore limit
Additional Information
- Company Secretary: Ritika Jhala (M. No.: A73846)
- All documents available for inspection at registered office and company website