Board meeting on 13 October 2026 to consider preference share conversion and promoter loan conversion into equity

Board meeting on Tuesday, 13 October 2026.

Thu 8 Oct 2026

Board Meeting Date

Tuesday, 13 October 2026

Preference Share Term Variation

1% Non-Cumulative Non-Convertible Redeemable Preference Shares into 1% Non-Cumulative Compulsorily Convertible Preference Shares

Trading Window Closed

from 1 October 2026 till 48 hours after September quarter results

What the update says

The company has intimated BSE that a meeting of its Board of Directors is scheduled on Tuesday, 13 October 2026 at the registered office of the company. The Board will consider and take on record, inter-alia, the two matters below, along with any other matter with the permission of the chair.

What the Board will consider

• Variation in the terms of the issued fully paid-up 1% Non-Cumulative Non-Convertible Redeemable Preference Shares into 1% Non-Cumulative Compulsorily Convertible Preference Shares (convertible into equity shares), and the subsequent allotment of equity shares upon conversion of those 1% Non-Cumulative Compulsorily Convertible Preference Shares, along with other related matters, subject to the approval of the shareholders.
• A proposal for preferential issue of securities through the conversion of the promoter group's unsecured loan into fully paid-up equity shares, subject to the approval of the shareholders.

How to read this

• Both items are described as matters "to consider and approve". As stated in the update, they are subject to the approval of the shareholders.
• The first item changes the nature of an existing preference share instrument, from one that is redeemable and non-convertible to one that is compulsorily convertible into equity shares, and covers the later allotment of equity shares on conversion.
• The second item is a preferential issue where an existing unsecured loan from the promoter group would be converted into fully paid-up equity shares instead of the loan being repaid in cash.
• The update does not state the number of preference shares or equity shares involved, the conversion price, or the amount of the promoter group unsecured loan.

Trading window

• The trading window for dealing in the securities of the company is already closed from Thursday, 1 October 2026 for the promoters, directors, Key Managerial Personnel(s), Designated Persons and their immediate relatives.
• It shall remain closed till 48 hours after the announcement or declaration of the unaudited Financial Results of the company for the quarter and half year ended 30 September 2026.

What to watch

The details that decide the actual impact, such as the number of shares to be issued, the conversion price and the size of the loan being converted, would come with the Board's decision and the shareholder approval process. Until then, the update only sets out what the Board will take up on 13 October 2026.

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