BSBaazar Style Retail544243Board key decisions

Board approves solar subsidiary, independent director and allotment of 20,00,000 shares on warrant conversion

Board meeting outcomes.

By ScoutQuest · Thu 15 Oct 2026, 6:09 PM IST · 2 min read

Equity Shares Allotted

20,00,000 equity shares allotted at ₹ 328.25 each

Total Consideration

₹65.65 crore

Solar Subsidiary Stake

99.90% of the equity share capital directly; initial subscription ₹1,00,000

Independent director and Audit Committee changes

The Board approved the appointment of Mrs. Binata Sengupta as an Additional Director in the Non-Executive Independent Director category, for a term of three (3) years with effect from October 15, 2026. The appointment is subject to approval of the shareholders. The update states she is not related to any director of the Company and has confirmed that she satisfies the criteria of independence prescribed under the Companies Act, 2013 and the Listing Regulations. She is described as a seasoned banking professional who retired as General Manager of Bank of India, and has earlier served as an Independent Director of a listed power sector company. The Audit Committee has been reconstituted with effect from October 15, 2026: Dr. Dhanpat Ram Agarwal as Chairman (Non-Executive Independent Director), Mr. Harish Chander Khurana as Member (Non-Executive Independent Director) and Mr. Shreyans Surana as Member (Executive Director).

A new wholly owned subsidiary for solar power

The Board approved the incorporation of a Wholly Owned Subsidiary / Special Purpose Vehicle to undertake solar power generation and other renewable energy related businesses. The proposed entity is to develop, establish, acquire, operate and maintain solar power generation projects and other renewable energy projects. It is yet to be incorporated, and the name proposed is "Sunright Private Limited" or "Sunlight Private Limited" or such other name as may be approved by the Registrar of Companies.

• Initial subscription to its share capital: ₹1,00,000, on a cash consideration basis.
• Baazar Style Retail will hold 99.90% of the equity share capital directly; the balance will be held by a nominee on behalf of the Company, resulting in full beneficial ownership and control by the Company.
• The Company states the move is in line with its long-term growth strategy, sustainability objectives and commitment towards adoption of renewable energy solutions.

Allotment of shares on conversion of warrants

The Board considered and approved the allotment of 20,00,000 equity shares of face value of ₹ 05/- each, at an issue price of ₹ 328.25/- per share, upon exercise of the option available with a warrant holder in the non-promoter category to convert warrants held by it.

• The allottee is Cupid Limited, a non-promoter body corporate.
• These shares were converted out of the remaining 76,00,000 warrants allotted.
• Total consideration received: ₹65.65 crore.
• The equity shares so allotted rank pari-passu in all respects, including dividend and voting rights, with the existing equity shares of the Company.

What this board meeting covered

• A change in board composition and in the composition of the Audit Committee.
• Approval to incorporate a new entity for a renewable energy business.
• Allotment of fresh equity shares on conversion of warrants that were issued earlier on a preferential basis, which increases the number of equity shares in issue.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev