Key Quantitative Figures

  • Proposed preferential issue of 32,00,000 equity shares of face value ₹10 each at an issue price of ₹12 per share, aggregating ₹3,84,00,000
  • Proposed preferential issue of 2,16,55,216 convertible warrants of face value ₹10 each at an issue price of ₹12 per warrant, aggregating ₹25,98,62,592
  • Total fundraise: ₹29,82,62,592 (approximately ₹29.83 crore)
  • Post preferential issue equity capital (upon full warrant conversion): 2,93,55,216 shares
  • Current paid-up capital (as of June 30, 2026): 45,00,000 equity shares

Dates of Action

  • Original EGM Notice date: July 16, 2026
  • BSE Query date: July 29, 2026
  • Corrigendum issuance date: August 3, 2026
  • EGM scheduled date: August 15, 2026 at 11:00 AM
  • Public Announcement for open offer: July 16, 2026

Parties Involved

  • Issuer: Mahan Industries Limited
  • Regulatory authority: BSE Limited
  • Proposed promoters: Shah Nishil Sanjaykumar and Niranjankumar Navratanmal Jain
  • Proposed promoter group: 12 entities including Sanjaykumar S Shah, Shah Hemal Sanjaykumar, various HUFs
  • Non-promoter allottees: 22 entities including Tushar S Shah, Kapadia Finwealth LLP, GVP Infotech Limited

Capital Structure Impact

Pre-Preferential Issue Shareholding (as of June 30, 2026):

  • Total shares: 45,00,000
  • Promoter holding: 52,169 shares (1.16%)
  • Non-promoter holding: 44,47,831 shares (98.84%)

Post Equity Issue Shareholding:

  • Total shares: 77,00,000
  • Promoter holding: 32,52,669 shares (42.24%)
  • Non-promoter holding: 44,47,331 shares (57.76%)

Post Full Warrant Conversion Shareholding:

  • Total shares: 2,93,55,216
  • Promoter holding: 1,49,99,665 shares (51.10%)
  • Non-promoter holding: 1,43,55,551 shares (48.90%)

Change in Control

Pursuant to the preferential issue of equity shares, the proposed promoters (Shah Nishil Sanjaykumar and Niranjankumar Navratanmal Jain) will acquire 26% of the emerging voting share capital, triggering the obligation to make an open offer under SEBI Takeover Regulations. Upon completion of the open offer, these allottees will be classified as promoters of Mahan Industries Limited.

Rationale and Purpose

The preferential issue is being undertaken to raise capital for the company. The convertible warrants will not form part of the emerging voting share capital for open offer calculation purposes as they will not be converted within 4 months from completion of the open offer or within 18 months from the date of allotment.

Distribution

The corrigendum is being circulated to all members whose email addresses are registered with the company/depositories and is available on the company's website at www.mahan.co.in.