Key Decisions Approved:
1. Rights Issue Approval: The Board approved the issuance of equity shares on a rights basis for an amount not exceeding ₹10,000 lakhs (₹100 crore). The Rights Issue will be conducted in accordance with the Companies Act, 2013, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws. The equity shares have a face value of ₹10 each and will be offered to eligible equity shareholders as on a record date to be determined and notified subsequently.
2. Draft Letter of Offer: The Board approved the Draft Letter of Offer (DLOF) to be filed with SEBI and the stock exchanges in connection with the Rights Issue.
3. Rights Issue Committee: The Board constituted a three-member Rights Issue Committee to undertake and oversee all matters relating to the proposed Rights Issue. The committee comprises:
- Shirish Dhirajlal Savaliya (Chairman)
- Yagnik Arvindbhai Satasiya (Member)
- Minal Surendra Jain (Member)
4. Appointment of Intermediaries: The Board approved the appointment of necessary intermediaries for the Rights Issue.
5. Director Resignation: The Board took note of the resignation of non-executive director Mr. Gunvantray Jayantilal Zaladi (DIN: 11253353), effective from the close of business hours on August 5, 2026. The resignation was submitted via letter dated August 5, 2026, citing personal reasons and pre-occupations as the cause, with no other material reasons disclosed. Mr. Zaladi confirmed there are no other material reasons for his resignation beyond those stated.
6. Record Date Intimation: In accordance with Regulation 42 of the SEBI Listing Regulations, the company will separately intimate the record date for the Rights Issue upon finalization.