Baazar Style Retail544243Board key decisions
Board approves Binata Sengupta as Independent Director, solar energy subsidiary, 20,00,000 share allotment
Mrs. Binata Sengupta as Additional Director (Non-Executive Independent Director) for three years, subject to shareholders' approval.
By ScoutQuest · · 2 min read
99.9%Company's direct holding in subsidiary
- Share Allotment
- 20,00,000 equity shares at ₹328.25 each on conversion of warrants
- Consideration Received
- ₹65.65 crore received from Cupid Limited
- Solar Subsidiary Subscription
- ₹1,00,000 (10,000 shares of ₹10 each)
The board meeting of Baazar Style Retail on October 15, 2026 covered three main items: a director appointment with an Audit Committee change, a new renewable energy subsidiary, and an allotment of equity shares on conversion of warrants.
Independent Director appointed
- Mrs. Binata Sengupta (DIN: 08779205) has been appointed as an Additional Director in the category of Non-Executive Independent Director.
- Her term is three (3) consecutive years, with effect from October 15, 2026.
- The appointment is subject to the approval of the shareholders of the Company.
- She has confirmed that she is not related to any Director of the Company and that she satisfies the independence criteria under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Her brief profile: a banking professional with over 35 years of experience in the banking sector, retired as General Manager of Bank of India; she has earlier served as an Independent Director of a listed power sector company.
Audit Committee reconstituted
Effective October 15, 2026, the Audit Committee stands as
- Chairman: Dr. Dhanpat Ram Agarwal (Non-Executive Independent Director)
- Member: Mr. Harish Chander Khurana (Non-Executive Independent Director), w.e.f. October 15, 2026
- Member: Mr. Shreyans Surana (Executive Director), w.e.f. October 15, 2026
New subsidiary for solar power
- The Board approved incorporation of a Wholly Owned Subsidiary / Special Purpose Vehicle for undertaking solar power generation and other renewable energy related businesses.
- Proposed name: "Sunright Private Limited" or "Sunlight Private Limited" or such other name as may be approved by the Registrar of Companies, Ministry of Corporate Affairs. Proposed country of incorporation: India.
- The entity is to be incorporated under the Companies Act, 2013 and will focus on solar power generation and other renewable energy businesses.
- Initial subscription to the share capital: ₹1,00,000 (Rupees One Lakh Only) divided into 10,000 Equity Shares of ₹10 each, on a cash consideration.
- The Company will hold 99.90% of the equity share capital (9,990 equity shares) directly; the balance 10 equity shares will be held by a nominee on behalf of the Company, resulting in 100% beneficial ownership and control by the Company.
Warrants converted into equity shares
- The Board considered and approved the allotment of 20,00,000 (Twenty Lakh) Equity Shares of face value ₹05/- each, at an issue price of ₹328.25/- (including premium of ₹323.25/-).
- This follows the exercise of the option available with the warrant holder to convert 20,00,000 Equity Warrants into Equity Shares, out of the remaining 76,00,000 warrants allotted.
- Allottee: Cupid Limited, belonging to the Non-Promoter category (Non-Promoter body corporate).
- Total consideration received: ₹65.65 crore.
- The equity shares allotted on conversion of warrants will rank pari-passu in all respects, including dividend and voting rights, with the existing equity shares of the Company.
- The disclosure notes intimation regarding conversion of equity warrants, allotted by the Company on October 15, 2026, into equity shares in tranches.
Meeting timing
The meeting commenced at 3:00 P.M. (IST) and concluded at 5:20 P.M. (IST).
Also from Baazar Style Retail
New Style Baazar store opened at Danapur, Patna, Bihar; total store count now 287
15 Oct 2026
Baazar Style Retail board approves wholly owned subsidiary Sunright/Sunlight for solar power, ₹1,00,000 initial subscription
15 Oct 2026
Board approves warrant conversion into 20,00,000 equity shares, solar subsidiary and new independent director
15 Oct 2026
More numbers
- Term of appointment of Independent Directorthree (3) years
- Initial subscription to new subsidiary's share capital₹1,00,000
- Equity shares subscribed in new subsidiary10,000 Equity Shares
- Company's direct holding in new subsidiary99.90%
- Equity shares allotted on conversion of warrants20,00,000 (Twenty Lakh) Equity Shares
- Issue price per equity share₹ 328.25/-
- Warrants remaining after this conversion76,00,000
- Total consideration received (Annexure C1)₹65,65,00,000/-
Source: BSE · 15 Oct 2026
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