EGM Details

The 02/2026-27 Extra-Ordinary General Meeting is scheduled to be held on Wednesday, 4th November 2026 at 4:00 P.M. through Video Conferencing / Other Audio Visual Means (OAVM).

Cut-off Date and Voting Period

The Company has fixed Wednesday, 28th October, 2026 as the cut-off date for determining eligibility for remote e-voting. The remote e-voting facility will be available from Sunday, 1st November 2026 at 09:00 a.m. to Tuesday, 3rd November 2026 at 5:00 p.m.

Business to be Transacted

SPECIAL BUSINESS:

Item No. 1: Cancellation/Rescission of Special Resolution passed at EGM on 16th September 2026

  • Resolution to cancel the special resolution approved at the 01/2026-27 EGM held on 16th September 2026
  • The previous resolution approved issue and allotment of 23,90,000 Convertible Equity Warrants on preferential basis
  • Issue price was ₹69.50 per warrant (including premium of ₹59.50 per warrant)
  • Aggregate consideration was ₹16,61,05,000
  • No warrants have been allotted and no subscription money received pursuant to the previous resolution
  • Board meeting held on 10th October 2026 decided not to proceed with the previous issue

Item No. 2: Issue of Convertible Warrants on Preferential Basis

  • Proposal to issue and allot 15,87,100 Convertible Equity Warrants
  • Each warrant convertible into one equity share of face value ₹10 each
  • Issue to 18 allottees belonging to Promoter and Non-Promoter/Public categories
  • Issue price: ₹70.50 per warrant (including premium of ₹60.50 per warrant)
  • Aggregate consideration: ₹11,18,90,550
  • Relevant date for pricing: Monday, 5th October 2026
  • Warrants convertible within 18 months from date of allotment

Allottee Details

Promoter Category:

1. Prafullchandra Vitthalbhai Patel: 2,70,000 warrants

2. Jashvantbhai Shankarlal Patel: 90,000 warrants

3. Hiren Patel: 63,000 warrants

Non-Promoter Category:

4. Surendra Nemchand Shah HUF: 2,25,000 warrants

5. Priyam Surendra Shah: 75,000 warrants

6. Priyam Shah (Huf): 2,01,000 warrants

7. Pooja Priyam Shah: 50,000 warrants

8. Ila Sunil Trivedi: 3,100 warrants

9. Jignaben Shah: 2,000 warrants

10. Gandhi Pakshal Bhaver: 1,500 warrants

11. Pasiben Prahladbhai Patel: 35,000 warrants

12. Prahladbhai Bhaychanddas Patel: 35,000 warrants

13. Patel Shivlal Kuberbhai: 1,50,000 warrants

14. Dilipkumar Ramjibhai Patel: 1,50,000 warrants

15. Krunal Prafulbhai Thummar: 1,50,000 warrants

16. Indu Omprakash Bhandari: 45,000 warrants

17. Sarita Shyam Sundar Nirmal: 39,000 warrants

18. Deepak Satish Mehta: 2,500 warrants

Warrant Terms and Conditions

  • Warrant holders can exercise warrants in one or more tranches within 18 months from allotment
  • 25% of warrant issue price payable at subscription, balance 75% payable on exercise
  • Unexercised warrants after 18 months will lapse and amount paid will be forfeited
  • Price and number of equity shares subject to appropriate adjustments as permitted
  • Equity shares issued on conversion will rank pari-passu with existing shares
  • Warrants and resulting equity shares subject to lock-in as per ICDR Regulations

Objects of the Issue

  • 70% of proceeds for installation of solar power plant
  • 30% of proceeds for working capital requirements

Pricing Basis

  • Floor price calculated as per Regulation 164(1) of ICDR Regulations
  • Volume weighted average price for preceding 90 trading days: ₹60.86
  • Volume weighted average price for preceding 10 trading days: ₹70.14
  • Certified floor price: ₹70.14
  • Issue price of ₹70.50 is higher than the minimum floor price

Current and Post-Issue Shareholding

Preferential Issue Shareholding (before):

  • Total shares: 69,62,900
  • Promoter holding: 26,33,960 shares (37.83%)
  • Non-promoter holding: 43,28,940 shares (62.17%)

Post Full Conversion (assuming):

  • Total shares: 85,50,000
  • Promoter holding: 30,56,960 shares (35.75%)
  • Non-promoter holding: 54,93,040 shares (64.25%)

Voting and Meeting Arrangements

  • Scrutinizer appointed: Mr. Utkarsh Shah of M/s. Utkarsh Shah & Co.
  • Remote e-voting through CDSL platform
  • Members can join EGM through VC/OAVM 15 minutes before and after scheduled time
  • Facility available to at least 1000 members on first-come-first-served basis
  • Large shareholders, promoters, institutional investors, directors, KMPs allowed without restriction
  • Voting results to be declared within two working days from conclusion of meeting

Additional Notes

  • Notice being sent only through electronic mode to members as of 9th October 2026
  • No physical copies being sent in compliance with MCA & SEBI Circulars
  • Members requested to update email and mobile numbers with depository participants
  • The explanatory statement forms part of the notice as per Section 102 of Companies Act, 2013