Key Quantitative Figures

  • Total Issue Size: ₹47,00,00,000 (Rupees Forty-Seven Crores Only)
  • Number of Warrants: 2,00,00,000 (Two Crore) Convertible Warrants
  • Issue Price: ₹23.50 per Warrant
  • Conversion Terms: Each warrant convertible into 1 fully paid-up equity share of face value ₹1 at a premium of ₹22.50 per share
  • Upfront Payment: 25% of issue price payable at subscription
  • Exercise Payment: 75% of issue price payable at conversion
  • Conversion Period: 18 months from date of allotment of warrants
  • Total Shareholders: 1,30,984 as of cut-off date (Wednesday, 10th June 2026)

Dates of Action

  • Board Meeting Date: 12th June 2026 (approved postal ballot proposal)
  • Postal Ballot Notice Date: 12th June 2026
  • Cut-off Date for Voting: Wednesday, 10th June 2026
  • Corrigendum Date: 6th July 2026
  • Remote E-voting Period: Saturday, 13th June 2026 (9:00 AM IST) to Sunday, 12th July 2026 (5:00 PM IST)
  • Scrutinizer Report Date: 13th July 2026
  • Result Declaration Date: 14th July 2026
  • Resolution Passing Date: 12th July 2026

Parties Involved

  • Stock Exchanges: National Stock Exchange of India Limited (Scrip Code: MUKKA), BSE Limited (Scrip Code: 544135)
  • Scrutinizers: Mr. Chethan Nayak K (FCS 4736, CP 3140) and Mrs. Ujala Rani (FCS: 11570, CP: 11814) of Chethan Nayak & Associates
  • Voting Service Provider: Central Depository Services (India) Limited (CDSL)
  • Chairman: Karkala Shankar Balachandra Rao (DIN: 03589394)
  • Company Secretary: Mehaboobsab Mahmadgous Chalyal (Membership No.: A67502)

Warrant Allottees (15 Non-Promoter Entities)

The warrants are to be allotted to the following non-promoter entities with specified quantities:

1. Mr. Irfan Chapra - 21,75,000 warrants

2. Ms. Reshma Chapra - 21,75,000 warrants

3. Mr. Vishal Maniar - 25,00,000 warrants

4. Ms. Payal Maniar - 12,00,000 warrants

5. Mr. Jasbir Singh Batra - 5,00,000 warrants

6. Mr. Ranjit Singh Batra - 5,00,000 warrants

7. Mr. Gurminder Kaur - 4,00,000 warrants

8. Jasbir Singh And Sons HUF - 4,00,000 warrants

9. Mr. Sarabdeep Kaur Darshan Singh - 4,00,000 warrants

10. Ranjit Singh and Sons HUF - 4,00,000 warrants

11. Multiplex Capital Limited - 3,50,000 warrants

12. Mr. Hiren Hiralal Shiyal - 22,50,000 warrants

13. Mr. B A Abdul Nasir - 22,50,000 warrants

14. Mr. Soofikhan Kalander Asif - 22,50,000 warrants

15. Mr. B H Rizwan - 22,50,000 warrants

Voting Results

  • Total Votes Cast: 22,02,62,108 votes from 252 shareholders
  • Invalid Votes: None
  • Votes in Favor: 22,01,79,675 votes (99.96%) from 218 shareholders
  • Votes Against: 82,433 votes (0.04%) from 34 shareholders
  • Result: Resolution passed with requisite majority

Process Details

The postal ballot was conducted through remote e-voting via CDSL. Newspaper advertisements were published in Business Standard (English) and Vijaya Karnataka (Kannada) on 13th June 2026 and 7th July 2026. The NSE and BSE sought clarifications on 17th June 2026 and 29th June 2026, leading to a corrigendum issued on 6th July 2026. Members who had already voted were given an opportunity to revise their votes, but no revision requests were received by the scrutinizer.

Financial Impact

The warrant issue will result in potential equity dilution of up to 2 crore shares upon full conversion, representing a fundraising of ₹47 crore. The warrants and resulting equity shares will be subject to lock-in requirements as per SEBI ICDR Regulations.