Background of IPO and Offer for Sale

The company's equity shares were listed on the SME Platform of BSE Limited on 06.10.2026 pursuant to its Initial Public Offer (IPO). The IPO comprised:

  • Fresh issue of 45,00,000 equity shares of ₹10 each
  • Offer for Sale (OFS) of 10,00,000 existing equity shares of ₹10 each by Promoter Selling Shareholders:
  • Mrs. Purnima Mukesh Thakkar: 4,00,000 shares
  • Mr. Mulcesh Natverlal Thalkar: 3,00,000 shares
  • Mr. Bhavil Mukesh Thaklar: 3,00,000 shares

The OFS represented transfer of existing equity shares from Promoter Selling Shareholders to public investors without any fresh issue or increase in issued, subscribed and paid-up equity share capital.

Nature and Explanation of Error

An inadvertent data-entry/typing error occurred in:

  • Note No. 3.3: Details of shares held by each shareholder holding more than 5% of the total shares
  • Note No. 3.4: Details of change in the percentage of shareholding of the Promoters

The shareholding particulars of Promoters were carried forward without adjusting for the transfer of 10,00,000 equity shares under OFS, resulting in:

  • Aggregate promoter shareholding overstated by 10,00,000 equity shares
  • Incorrect disclosure of percentage shareholding and percentage change during the year

The error is confined to these specific disclosures and does not represent any discrepancy in actual shareholding records or underlying share capital. Promoter shareholding has been correctly reflected in other parts of the Annual Report and shareholding patterns filed under Regulation 31.

Corrected Promoter Shareholding as at 31 March 2026

After reconciliation and correction:

  • Originally disclosed aggregate: 1,57,84,500 equity shares (77.53% of paid-up capital)
  • Corrected aggregate: 1,47,84,500 equity shares (72.62% of paid-up capital)

Individual corrected holdings:

  • Mrs. Purnima Mukesh Thakkar: 86,84,000 shares (42.66%)
  • Mr. Mukesh Natverlal Thakkar: 39,24,000 shares (19.27%)
  • Mr. Bhavik Mukesh Thakkar: 21,76,500 shares (10.69%)

Financial Impact

The error is limited to disclosure in Notes 3.3 and 3.4 only. The OFS involved transfer of existing shares without any fresh issue, buy-back, cancellation or alteration of issued capital. Accordingly:

  • No impact on Balance Sheet, Statement of Profit and Loss, Cash Flow Statement or Earnings Per Share
  • No effect on financial performance or financial position of the Company
  • Correction relates solely to accuracy of shareholding disclosures

Corrective Action and Regulatory Compliance

The matter was placed before the Audit Committee and Board of Directors for consideration and approval in the board meeting held on 30.10.2026. The company is:

  • Consulting Statutory Auditors regarding appropriate rectification manner
  • Undertaking necessary corrective filings/submissions including potential rectification of Form AOC-4 XBRL
  • Complying with directions/requirements of Exchange and competent authorities
  • Making corrected disclosures available to investors through website