Second corrigendum to EGM notice: revised disclosures on preferential issue use, allottees and shareholding

Second corrigendum to the EGM notice dated September 18, 2026, for the meeting on October 13, 2026.

Tue 6 Oct 2026

Preferential Issue Size

Up to 5,13,772 equity shares proposed to be issued on a preferential basis

Use of Proceeds

Proceeds to be used for working capital of Rs. 29.28 crore, over 12 months from receipt of funds

Promoter Holding Change

Promoter and Promoter Group holding moves from 74.99% to 72.54%

What this update is

This is the second corrigendum to the notice of the extraordinary general meeting (EGM) dated September 18, 2026. The EGM is scheduled for Tuesday, October 13, 2026 at 3:00 P.M. through video conferencing and other audio-visual means. The corrigendum provides certain additional disclosures, clarifications and corrections in relation to the special resolution on the proposed preferential issue and the explanatory statement annexed to the notice. Apart from these changes, all other contents of the notice, including the resolutions proposed and the explanatory statement, remain unchanged. Members are requested to read the notice together with the corrigendum while considering and voting on the resolution.

Where the money is proposed to be used

• The company proposes to use the proceeds of the preferential issue for the working capital requirements of the company — Rs. 29.28 crore.
• The proposed timeline for utilisation is 12 months from the date of receipt of funds/allotment.
• The stated object covers procurement of raw materials, chemicals, packing materials and consumables, maintenance of inventory of raw materials, work-in-progress and finished goods, meeting trade receivables and vendor payment requirements and other operating working capital needs of the business of manufacturing commercial and industrial explosives.
• The proceeds shall not be utilised for investment in or dealing with Virtual Digital Assets.
• Pending utilisation, the funds are to be temporarily deployed only in permitted instruments/deposits.

Who is proposed to be allotted shares (up to 5,13,772 equity shares)

• Ashish Kacholia — 342637 equity shares, 2.19% of post-issue capital.
• Kadayam Ramanathan Bharat — 114035 equity shares, 1.88% (held 180000 shares, 1.18%, before the issue).
• Ashika Global Securities Limited — 50000 equity shares, 0.32%.
• Heetaben Amar Maurya — 7100 equity shares, 0.04%.
• All four are in the Non-Promoter/Public category. The company states there shall be no change in the management or control of the company pursuant to the proposed issue and allotment.

Shareholding before and after the preferential issue

• Total capital: 1,51,51,774 shares (100.00%) before, rising to 1,56,65,546 shares (100.00%) after, assuming all the equity shares are subscribed by the allottees.
• Promoter and Promoter Group: 1,13,63,621 shares — 74.99% before and 72.54% after.
• Public: 37,88,153 shares (25.01%) before and 43,01,925 shares (27.46%) after.
• Resident individuals: 24,60,153 shares (16.25%) before and 29,23,925 shares (18.67%) after.
• Bodies corporate: 5,88,000 shares (3.88%) before and 6,38,000 shares (4.07%) after.
• Alternate investment funds: 5,64,000 shares (3.72%) before, 3.60% after. Foreign portfolio investors (Category I): 16,000 shares (0.11%) before, 0.10% after.
• The post-issue percentages are calculated assuming all the equity shares will be subscribed by the allottees, with the shareholding in all other categories assumed unchanged.

Timeline for allotment

Under Regulation 170 of the SEBI (ICDR) Regulations, the preferential allotment is required to be completed within 15 (fifteen) days from the date of passing the special resolution of the shareholders, or within the statutory time limits prescribed by the regulatory authorities, subject to all necessary approvals being in place. If any approval or permission of a regulatory or statutory authority or the Central Government is pending, the 15-day period commences from the date such approval or permission is obtained.

Company Secretary certificate

A certificate has been obtained from Ms S Anupriyankha (Mem. No. FCS: 14265), proprietor of M/s. Anupriyankha & Associates, practising company secretaries, a peer reviewed firm, certifying that the preferential issue of equity shares is being made in accordance with Chapter V of the SEBI ICDR Regulations.

Ultimate beneficial owners

Details of the natural persons who are ultimate beneficial owners have been added, including the beneficial owners and registered owners of Ashika Global Securities Limited, along with their shares and voting rights.

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