Key Quantitative Figures

  • Total Issue Size: ₹63,60,00,000 (Rupees Sixty Three Crore Sixty Lakh)
  • Equity Shares Issue: 15,00,000 shares at ₹212 per share (₹5 face value + ₹207 premium), aggregating ₹31,80,00,000
  • Convertible Warrants Issue: 15,00,000 warrants at ₹212 per warrant (₹5 face value + ₹207 premium), aggregating ₹31,80,00,000
  • Post-Issue Capital: 6,75,09,422 equity shares of ₹5 each (fully diluted)

Dates of Action

  • Cut-off Date for Voting Eligibility: Friday, August 21, 2026
  • Notice Sent Electronically: Monday, August 31, 2026
  • E-Voting Period: Tuesday, September 1, 2026 (9:00 AM IST) to Wednesday, September 30, 2026 (5:00 PM IST)
  • Result Declaration: On or before Saturday, October 3, 2026
  • Deemed Passing Date: Wednesday, September 30, 2026 (last e-voting date)

Parties Involved

  • Stock Exchanges: BSE Limited, National Stock Exchange of India Limited
  • E-Voting Agency: National Securities Depository Limited (NSDL)
  • Scrutinizer: Mr. Sital Prasad Swain, Practising Company Secretaries
  • Registrar and Share Transfer Agent: KFin Technologies Ltd
  • Proposed Allottees for Equity Shares:
  • Rathore Gauravraj Singh Vijaysingh (5,00,000 shares)
  • Dhruv Agarwal (5,00,000 shares)
  • Saroj V Rathore (3,00,000 shares)
  • Richa Gauravraj Singh Rathore (2,00,000 shares)
  • Proposed Allottees for Convertible Warrants:
  • Sumeet Rai (7,50,000 warrants)
  • Kunal Rai (7,50,000 warrants)

Purpose and Rationale

The Company intends to utilize the proceeds (₹63.60 Crore) for:

1. Capital Expenditure (₹48.00 Crore):

  • Augment manufacturing capacity for shaft components (₹15.00 Crore)
  • Forward integration for Cold Drawn Tubes production (₹15.00 Crore)
  • Robotic automation for forge presses (₹13.00 Crore)
  • Administrative office expansion (₹5.00 Crore)

2. Working Capital Requirement (₹10.60 Crore)

3. General Corporate Purposes (₹5.00 Crore)

Utilization is planned within 6-12 months from receipt of funds, with a permitted deviation of +/-10% for capital expenditure objects.

Financial and Operational Impact

  • Post-Issue Promoter Holding: 67.74% (from 67.01% pre-issue)
  • Post-Issue Public Holding: 32.26% (from 32.99% pre-issue)
  • Dilution: Approximately 4.44% on fully diluted basis
  • Lock-in Period: As prescribed under SEBI (ICDR) Regulations for both equity shares and warrants

Capital Structure Impact

  • Pre-Issue Capital: 6,45,09,422 equity shares
  • Post-Equity Issue Capital: 6,60,09,422 equity shares
  • Fully Diluted Capital (after warrant conversion): 6,75,09,422 equity shares
  • Promoter Holding Change: Sumeet Rai from 5.89% to 6.74%; Kunal Rai from 5.41% to 6.28%

Terms of Payment

  • For Equity Shares: 100% consideration payable before allotment
  • For Convertible Warrants: 25% payable on allotment, balance 75% payable upon conversion
  • Conversion Period: 18 months from date of warrant allotment
  • Lapse Condition: Unexercised warrants after 18 months shall lapse with forfeiture of 25% amount paid

Pricing Details

  • Relevant Date: Monday, August 31, 2026
  • Floor Price Calculation: Higher of:
  • 90-day VWAP: ₹210.76
  • 10-day VWAP: ₹211.59
  • Final Issue Price: ₹212 per share/warrant

Additional Undertakings and Disclosures

  • The Company undertakes to recompute price if required under SEBI ICDR Regulations
  • No wilful defaulter or fraudulent borrower status for company, promoters, or directors
  • No previous preferential issues during the year
  • No change in control or management anticipated
  • Certificate from practicing company secretary obtained for compliance with SEBI ICDR Regulations

Voting Arrangements

  • Scrutinizer: Mr. Sital Prasad Swain
  • Voting Method: Remote e-voting only through NSDL
  • Results: To be announced on or before October 3, 2026, and displayed on company website, stock exchange websites, and NSDL website