A meeting of the Board of Directors of Garg Furnace Limited was held on Friday, July 31, 2026, commencing at 4:00 PM and concluding at 5:30 PM.
1. Preferential Issue of Warrants
The Board considered and approved the issuance of up to 13,98,000 (Thirteen Lakhs Ninety Eight Thousand) warrants convertible into an equal number of equity shares on a preferential basis.
- Issue Details: The warrants are to be issued to Promoter & Promoter Group and Non-Promoter category investors.
- Issue Price: ₹126.50 (Rupees One Hundred Twenty Six Point Five Zero) per warrant.
- Total Issue Size: ₹17,68,47,000 (Rupees Seventeen Crores Sixty Eight Lakhs Forty Seven Thousand) approximately.
- Approval Requirements: The issue is subject to approval from shareholders at the ensuing Annual General Meeting (AGM) and relevant regulatory/statutory authorities.
- Regulatory Framework: The issue will be conducted in accordance with the Companies Act, 2013 and SEBI ICDR Regulations, 2018.
2. Investor Allotment Details
The warrants are proposed to be allotted to nine investors:
- Promoter Allottees:
- Davinder Garg: 3,00,000 warrants
- Vaneera Garg: 3,00,000 warrants
- Toshak Garg: 3,00,000 warrants
- Daksh Garg: 3,00,000 warrants
- Non-Promoter Allottees:
- Sangeeta Pareekh: 51,000 warrants
- Securocrop Securities India Private Limited: 1,02,000 warrants
- Saket Agarwal: 30,000 warrants
- Vanshika Sharma: 3,000 warrants
- Manit Sawhney: 12,000 warrants
3. Shareholding Pattern Impact (Post Full Conversion)
The post-issue shareholding pattern on a fully diluted basis is provided:
- Davinder Garg: Holding increases from 8,54,290 shares (12.55%) to 11,54,290 shares (14.07%).
- Vaneera Garg: Holding increases from 17,68,510 shares (25.97%) to 20,68,510 shares (25.21%).
- Toshak Garg: Holding increases from 6,16,951 shares (9.06%) to 9,16,951 shares (11.17%).
- Daksh Garg: Holding increases from 6,10,550 shares (8.97%) to 9,10,550 shares (11.10%).
- Sangeeta Pareekh: Holding increases from 3,00,000 shares (4.41%) to 3,51,000 shares (4.28%).
- Securocrop Securities India Private Limited: Holding increases from 3,00,000 shares (4.41%) to 4,02,000 shares (4.90%).
- Saket Agarwal: Holding increases from 1,45,000 shares (2.13%) to 1,75,000 shares (2.13%).
- Vanshika Sharma: Holding increases from 10 shares (0.00%) to 3,010 shares (0.04%).
Note: These figures are computed on a fully diluted basis and the actual paid-up capital may vary.
4. Warrant Terms
- Conversion: Each warrant is convertible into one fully paid-up equity share of face value ₹10.
- Tenor: The tenor of the warrants is 18 months from the date of allotment.
- Conversion Flexibility: The warrants shall be convertible in one or more tranches.
5. Annual General Meeting (AGM)
- The Board approved the notice for the 53rd AGM.
- AGM Date: Saturday, August 29, 2026, at 01:00 PM.
- AGM Venue: Registered office at Kanganwal Road V.P.O. Jugiana G T. Road, Ludhiana-141120.
6. Record Date for AGM
- The cut-off date for determining member eligibility for remote e-voting and e-voting at the AGM is Saturday, August 22, 2026.
7. Scrutinizer Appointment
- The Board appointed M/s PDM & Associates, Company Secretaries, as the Scrutinizer for conducting the e-voting process at the AGM.
8. Deferral of Financial Results
- The Board decided to defer the consideration and approval of the Unaudited Standalone and Consolidated Financial Statements for the quarter and three months ended June 30, 2026, until further notice, citing unavoidable circumstances.
9. Trading Window Closure
- Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the company's equity shares is closed from July 01, 2026. It will remain closed until 48 hours after the unaudited standalone and consolidated financial results for Q1 FY27 are approved by the Board and filed with the stock exchange. This closure applies to Promoters, Directors, Key Managerial Personnel, designated persons, and their immediate relatives.