Board Meeting Details

The Board meeting was held on Monday, June 01, 2026, commencing at 7:30 PM and concluding at 7:50 PM.

Key Decisions Approved

1. Increase in Authorized Share Capital: The Board approved increasing the authorized share capital from ₹150,000,000 (Rupees Fifteen Crore Only) divided into 15,000,000 equity shares of ₹10 each to ₹250,000,000 (Twenty-Five Crores) divided into 25,000,000 equity shares of ₹10 each. This requires amendment to Clause V of the Memorandum of Association and is subject to approval by members at an Extraordinary General Meeting (EGM) and relevant regulatory/statutory authorities.

2. Preferential Issue of Convertible Warrants: The Board approved issuance of up to 60,00,000 (Sixty lakh) Convertible Warrants for cash at a price of ₹370 per warrant (including a premium of ₹360 per warrant), aggregating to ₹222,00,00,000 (Rs. two hundred twenty two crores). The warrants will be issued to persons belonging to promoter/promoter group and non-promoter categories on a preferential basis, in accordance with Chapter V of SEBI (ICDR) Regulations, 2018. This is subject to approval by members at an EGM and relevant regulatory/statutory authorities.

EGM Details

An Extraordinary General Meeting of members will be held on Wednesday, July 15, 2026, at 11:30 AM (IST) through Video Conferencing/Other Audio-Visual Means facility to seek approval for the above items. The notice of EGM will be sent to members whose email addresses are registered with the company's RTA/depositories.

Additional Appointment

The Board will appoint a Credit Rating Agency for the aforesaid issue in due course.

Preferential Issue Details (Annexure A)

  • Type of Securities: Warrants of ₹10 each convertible into equal number of equity shares
  • Type of Issuance: Preferential issue
  • Total Number: Up to 60,00,000 Convertible Warrants
  • Issue Price: ₹370 per warrant (Face value ₹10 + Premium ₹360)
  • Total Amount: ₹222,00,00,000 (approximately)
  • Allottees: 72 investors as per Annexure I
  • Conversion Terms: Each warrant convertible into 1 equity share within 18 months from date of allotment, in one or more tranches
  • Payment Terms: 25% of warrant price payable on allotment date; balance 75% payable at time of equity share allotment upon conversion
  • Relevant Date: June 01, 2026

Allottee Details (Annexure I)

The 60,00,000 warrants are allocated to:

  • Promoter Group (32,00,000 warrants): Includes Sunita Rani (10,00,000), Mohit Jindal (5,00,000), Rohit Jindal (5,00,000), Shubham Jindal (2,50,000), and others
  • Non-Promoter Group (28,00,000 warrants): Includes 52 entities such as Manish Garg (1,00,000), Atul Gupta (1,00,000), V.S. Finycore Pvt. Ltd. (4,00,000), and others

Post-Issue Capital Structure Impact (Annexure II)

  • Pre-issue share capital: 90,34,982 shares (73.82% promoter holding)
  • Post-conversion share capital: 1,82,34,982 shares (assuming full conversion of all 60,00,000 warrants)
  • Post-conversion promoter holding: 82.43% (15,034,982 shares)
  • Key changes: Sunita Rani's holding increases from 51.14% to 39.80% of expanded capital; Mohit Jindal from 6.78% to 7.29%; Rohit Jindal from 6.78% to 7.29%