Board approves Additional Director, Executive Director resigns; demerger cost split 89.36%:10.64%

Bhagyanagar India Ltd's Board on October 8, 2026 approved Shri Mangilal Narender Surana (DIN:00075086) as Additional Director, Non-Executive Non-Independent (Promoter), effective October 8, 2026, subject to members' approval.

Thu 8 Oct 2026

Cost apportionment - Tieramet Ltd

89.36% of original cost of acquisition to Tieramet Ltd shares allotted

Cost apportionment - Bhagyanagar India Ltd

10.64% of original cost of acquisition to Bhagyanagar India Ltd shares held

Ratio computation basis

Net book value 17,760.18 (₹ lakhs) / net worth 19,874.88 (₹ lakhs) = 89.3599%

Two changes on the Board

• Shri Mangilal Narender Surana (DIN: 00075086) has been appointed as an Additional Director in the category of Non-Executive Non-Independent (Promoter) Director with effect from October 8, 2026, subject to approval of the members of the Company. The decision followed the recommendation of the Nomination and Remuneration Committee.
• Mr. Venkateswara Rao Nukala (DIN: 10481800) has resigned as Executive Director with effect from the close of business hours on October 8, 2026, due to personal reasons. He has confirmed there are no other material reasons for the resignation.

About the incoming director

Shri Mangilal Narender Surana is a Chemical Engineer with over 36 years of experience in the telecom cables, metals and solar industry. He has been President of the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), past Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI), and Founder President of the Young Entrepreneurs Organization (Y.E.O), Hyderabad Chapter. He is not related to any directors of the Company except Shri Devendra Surana.

Cost of acquisition split for the demerger

The Board took note of the apportionment of cost of acquisition of equity shares under the Composite Scheme of Arrangement amongst Bhagyanagar Copper Private Limited, Bhagyanagar India Limited and Tieramet Limited, sanctioned by the NCLT, Hyderabad Bench by its order dated 7th September 2026.

• Shares of Tieramet Limited allotted under the Scheme: 89.36% of the original cost of acquisition
• Shares of Bhagyanagar India Limited held: 10.64% of the original cost of acquisition

How the ratio was computed

• Net book value of assets transferred in the demerger: 17,760.18 (₹ lakhs)
• Net worth of the demerged company immediately before the demerger: 19,874.88 (₹ lakhs)
• Ratio: 17,760.18 ÷ 19,874.88 = 89.3599%

The net book value figure includes the investment of ₹2.00 lakhs in Mana Effluent Treatment Plant Limited held for the Copper Undertaking. The auditor's certificate states that each shareholder should apply these percentages to their own cost of acquisition of Bhagyanagar India Limited shares.

What this means for shareholders

• The appointment and the resignation are board-level changes. The incoming director is in the promoter category and is non-executive; the outgoing director was an executive director.
• The cost apportionment matters when calculating capital gains. An investor's original cost of Bhagyanagar India Limited shares is now split between the Tieramet Limited shares received and the Bhagyanagar India Limited shares retained, in the ratio of 89.36% and 10.64% respectively.
• As per the certificate, the period of holding of the Tieramet Limited shares includes the period for which the Bhagyanagar India Limited shares were held.

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