Board Meeting Details

The Meeting of Board of Directors was held on Thursday, 15th October, 2026 at 5.00 P.M. and concluded at 5.45 P.M. at the Head Office situated at Sanwer Road, Industrial Area, Sector 'A', Plot 'A', Indore, (M.P.) 452015.

Withdrawal of Preferential Warrant Issue

The Board considered and approved the withdrawal of a previously approved preferential issue of warrants:

  • Original Approval: Board meeting held on 14th March, 2026 approved issuance and allotment of up to 21,57,000 warrants of ₹151 each
  • Conversion Terms: Each warrant convertible into 1 equity share of ₹10 at a premium of ₹141 per share
  • Total Value: Aggregate value of ₹32.57 crore (₹3257.07 lakhs)
  • Allottees: Promoters and Promoter Group of the company
  • Payment Terms: Payable in cash in one or more tranches within 18 months from date of allotment

Background and Process

  • Application No. 262250 made to BSE Ltd. on 17th March, 2026 for in-principle approval as per SEBI (ICDR) Regulations, 2018
  • Shareholder approval obtained at Extraordinary General Meeting held on 10th April, 2026
  • Multiple communications exchanged with BSE Limited, but in-principle approval remained pending as of the meeting date

Rationale for Withdrawal

The Audit Committee meeting held on 15th October, 2026 recommended withdrawal due to:

1. Substantial increase in the price of shares of the Company

2. Abnormal delay in obtaining In-Principle Approval from BSE Ltd.

The Committee recommended funding requirements through internal accruals and borrowings from banks and financial institutions instead.

Board Decision

The Board accepted the Audit Committee's recommendation and approved:

  • Withdrawal of the proposed issue and allotment of up to 21,57,000 warrants
  • Funding through internal accruals and borrowings from banks and financial institutions
  • The Audit Committee to recommend specific funding arrangements from time to time

Financial Impact

The withdrawal eliminates the potential equity dilution from the warrant conversion. The company will now use debt financing and internal accruals instead of equity funding, which may impact the company's debt-equity ratio and interest costs. Financial impact not quantified in the disclosure.