Key Decisions and Quantitative Figures

1. Cancellation of Previous Warrant Issue: The Board approved the cancellation/rescission of the Special Resolution passed by members at the Extra-Ordinary General Meeting held on 16th September 2026. This resolution had approved the issue of 23,90,000 Convertible Equity Warrants on a preferential basis at an issue price of ₹69.50 per Warrant (including a premium of ₹59.50 per Warrant), aggregating to ₹16,61,05,000. The cancellation is due to the company's decision not to proceed with this issue in view of revision in the size of the issue and the list of proposed allottees. No warrants were allotted pursuant to this resolution.

2. New Fundraising Proposal: The Board approved a new proposal for raising funds by issuance of 15,87,100 Equity Warrants having face value of ₹10 each, aggregating up to ₹1,58,71,000 on a preferential basis to Promoter and Non-promoter/Public Category of the company. The issue price will be determined in accordance with SEBI ICDR Regulations, 2018 and other applicable laws, subject to approval of regulatory/statutory authorities and shareholders.

Warrant Terms and Conditions

  • Each warrant gives the right to apply for and get allotted one Equity Share of face value ₹10 within 18 months from the date of allotment of warrants
  • Conversion can happen in one or more tranches
  • Option for conversion is available only upon payment of the full price of the Equity Warrants

Proposed Allottees and Allocation (Annexure-B)

Promoter Category:

  • Prafullchandra Vitthalbhai Patel: 2,70,000 warrants
  • Jashvantbhai Shankarlal Patel: 90,000 warrants
  • Hiren Patel: 63,000 warrants

Non-Promoter Category:

  • Surendra Nemchand Shah HUF: 2,25,000 warrants
  • Priyam Surendra Shah: 75,000 warrants
  • Priyam Shah (Huf): 2,01,000 warrants
  • Pooja Priyam Shah: 50,000 warrants
  • Ila Sunil Trivedi: 3,100 warrants
  • Jignaben Shah: 2,000 warrants
  • Gandhi Pakshal Bhaver: 1,500 warrants
  • Pasiben Prahladbhai Patel: 35,000 warrants
  • Prahladbhai Bhaychanddas Patel: 35,000 warrants
  • Patel Shivlal Kuberbhai: 1,50,000 warrants
  • Dilipkumar Ramjibhai Patel: 1,50,000 warrants
  • Krunal Prafulbhai Thummar: 1,50,000 warrants
  • Indu Omprakash Bhandari: 45,000 warrants
  • Sarita Shyam Sundar Nirmal: 39,000 warrants

Total Warrants: 15,87,100

Meeting Details and Next Steps

The Board Meeting commenced at 4:40 PM and concluded at 6:30 PM on 10th October 2026. The company will seek members' approval for the new proposals through an Extra Ordinary General Meeting in due course.

Financial Impact

The cancellation of the previous warrant issue has no financial impact as no warrants were allotted. The new proposed issue of ₹1.59 crore will result in fund inflow upon successful completion, subject to approvals.