Board approves preferential issue of equity shares and fully convertible warrants

Board meeting held on October 05, 2026: preferential issue approved.

Mon 5 Oct 2026

Equity Shares Approved

Up to 8,66,434 equity shares at ₹ 1,430.00 each, for up to ₹ 1,23,90,00,620.00

Warrants Approved

Up to 30,35,711 fully convertible equity warrants at ₹ 1,430.00 each, for up to ₹ 4,34,10,66,730.00

Warrant Conversion Terms

Each warrant converts into 1 equity share of face value ₹ 10.00, exercisable within 18 months of allotment

Board approves preferential issue of shares and warrants

What the Board approved

The Board of Directors, at its meeting held on October 05, 2026, approved a preferential issue of up to 8,66,434 fully paid-up equity shares and up to 30,35,711 fully convertible equity warrants to proposed allottees, on a private placement basis.

Equity shares

• Up to 8,66,434 equity shares of face value ₹ 10.00 each
• Issue price ₹ 1,430.00 per equity share, including share premium of ₹ 1,420.00 per share
• Total amount up to ₹ 1,23,90,00,620.00
• The issue price is stated to be not less than the floor price determined as on the relevant date

Warrants

• Up to 30,35,711 fully convertible equity warrants at ₹ 1,430.00 per warrant
• Total amount up to ₹ 4,34,10,66,730.00
• Each warrant converts into, or is exchangeable for, 1 fully paid-up equity share of face value ₹ 10.00
• Conversion may be exercised in one or more tranches from the date of allotment until expiry of 18 months

Who the proposed allottees are

• 54 investors for the equity shares
• 71 investors for the warrants
• 104 investors on a consolidated basis for equity and warrants

Among the larger equity subscribers listed are Rathi Ramkumar Hiralal HUF (1,86,450 shares, ₹ 26,66,23,500.00), Eterna Prima-Scheme I (69,931 shares, ₹ 10,00,01,330.00) and Hem Growth Opportunities Fund (69,931 shares, ₹ 10,00,01,330.00). Among warrant subscribers, Mukul Mahavir Agrawal (6,99,500 warrants, ₹ 1,00,02,85,000.00), Shree Jalaram Metals Private Limited, shown under Promoter Group (6,36,500 warrants, ₹ 91,01,95,000.00), and Motilal Oswal Financial Services Limited (5,24,450 warrants, ₹ 74,99,63,500.00) are the largest.

Shareholding before and after

• Promoters & Promoters' Group: 1,70,95,744 shares (74.89%) before, 1,78,02,084 shares (66.46%) after
• Public: 57,32,176 shares (25.11%) before, 89,85,481 shares (33.54%) after
• Total: 2,28,27,920 shares before, 2,67,87,565 shares after

How to read the shareholding table

The post-issue pattern assumes the proposed allottees subscribe to all the equity shares and warrants and the resultant equity shares, and takes into account 57,500 outstanding employee stock options granted. The update notes that if the allottees do not or are unable to subscribe, or are not allotted the securities or an equal number of resultant equity shares, the shareholding pattern would undergo corresponding changes.

Other decisions from the same meeting

• National Securities Depository Limited (NSDL) appointed as Remote E-Voting Agency for the resolutions proposed to be passed at the Extraordinary General Meeting
• M/s. Prasad & Partners LLP appointed as Scrutinizer for the remote e-voting process
• The Notice of the Extraordinary General Meeting was discussed and Executive Directors and the Company Secretary were authorised to send it to members
• The meeting commenced at 07:00 p.m. and concluded at 08:45 p.m. on October 05, 2026

What comes next

The equity shares and warrants are to be issued subject to the approval of regulatory/statutory authorities and the shareholders of the Company at the Extraordinary General Meeting.

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