1. Approval for Raising of Funds by Preferential Issue of Fully Convertible Warrants

The Board approved, subject to shareholder and regulatory approvals, the raising of funds through a preferential issue of up to 70,00,000 (Seventy Lakh) Fully Convertible Warrants.

Key Terms of the Issue:

  • Each warrant carries an entitlement to subscribe to one fully paid-up equity share of face value ₹10 each.
  • Issue price: ₹55 per warrant
  • Total issue size: ₹38,50,00,000 (Thirty-Eight Crore Fifty Lakh)
  • Conversion period: 18 months from date of allotment
  • Payment terms: 25% payable at subscription/allotment, balance 75% payable at conversion
  • Non-conversion consequence: Warrants lapse and upfront amount forfeited as per SEBI ICDR Regulations
  • Post-conversion shares will rank pari passu with existing equity shares

Proposed Allottees:

1. Kaushik Sobhagchand Shah (Promoter) - 12,00,000 warrants (PAN: AFBPS3957G)

2. Sobhagchand Ketan Shah (Promoter) - 12,00,000 warrants (PAN: AINPS3514N)

3. Shree Ram Realities (Public Non-Promoter) - 16,00,000 warrants (PAN: ACAFS4752K)

4. Jignesh Jaswantrai Mehta (Public Non-Promoter) - 14,00,000 warrants (PAN: AIVPM4759M)

5. Sejal Rohit Sanghvi (Public Non-Promoter) - 1,00,000 warrants (PAN: BCUPS3668D)

6. Dharmi Paresh Mehta (Public Non-Promoter) - 2,50,000 warrants (PAN: GDZPM5607P)

7. Ami Niraj Shah (Public Non-Promoter) - 10,00,000 warrants (PAN: AOUPS9279R)

8. Sana Fatima Syed (Public Non-Promoter) - 2,00,000 warrants (PAN: AHLPR1266M)

9. Magha Devi Solanki (Public Non-Promoter) - 50,000 warrants (PAN: DFFPS3155M)

Additional Details:

  • Total potential equity shares upon full conversion: 70,00,000
  • Two allottees belong to Promoter Group, seven to Public (Non-Promoter) category
  • Promoter allottees are related parties; others are not related parties
  • Issue price determined in accordance with Regulation 164 read with Regulation 161 of SEBI ICDR Regulations, considering Relevant Date of August 05, 2026
  • Nature of consideration: Cash
  • Objects of the issue: Augment long-term financial resources for working capital requirements, business expansion, strategic capital investments, repayment/prepayment of borrowings, and general corporate purposes
  • No change in management or control of the Company expected
  • Warrants and resultant equity shares subject to applicable lock-in requirements under SEBI ICDR Regulations
  • Required approvals: Shareholders, in-principle approval of BSE Limited, and other statutory/regulatory approvals
  • Allotment to be completed within timelines prescribed under SEBI ICDR Regulations

2. Approval to Convene Extraordinary General Meeting

The Board approved convening an Extraordinary General Meeting to seek shareholder approval for the preferential issue. The notice specifying date, time, venue and details will be disseminated to the stock exchange and shareholders in due course according to applicable laws.