Board approves fresh rights issue up to Rs. 50 crore, director appointments and postal ballot

Mega Nirman & Industries' board, at its meeting on October 07, 2026, approved a fresh rights issue of fully paid-up equity shares of face value Rs. 10 each to existing shareholders, for an amount not exceeding Rs. 50 Crores.

Wed 7 Oct 2026

Rights Issue Size

an amount not exceeding Rs. 50 Crores

Face Value

fully paid-up equity shares of face value Rs. 10 each

E-voting Period

October 08 to November 06, 2026; results on or before November 10, 2026

What the board approved

Mega Nirman & Industries Limited's board met on Wednesday, October 07, 2026 and approved, among other things, a fresh fund raise through a rights issue, an additional director appointment, a postal ballot notice, and a scrutinizer for that postal ballot.

Rights issue

• The board approved raising funds by issuing fully paid-up equity shares of face value Rs. 10 each to existing equity shareholders on a rights basis, for an amount not exceeding Rs. 50 Crores (Rupees Fifty Crores only).
• This is a fresh rights issue; the earlier application and Draft Letter of Offer submitted to BSE Limited have been withdrawn by the company.
• The issue price, rights entitlement ratio, record date and issue opening and closing dates will be determined by the board in due course and intimated separately.
• The shares issued are to rank pari passu in all respects, including dividends, with the existing equity shares from the date of allotment.
• Money received from the issue is to be kept in a separate bank account and used for the objects of the issue as disclosed in the offer document(s).
• Member approval for the fresh issuance of equity shares to existing shareholders through the rights issue mechanism is being sought as a Special Resolution.

Directors

• Mr. Ishaan appointed as an Additional Director in the Non-Executive, Non-Independent category with effect from October 07, 2026, subject to members' approval. He is aged 22 years, is pursuing Bachelor of Computer Applications (BCA) (final year) from Akido College of Engineering, is not related to any Director or Key Managerial Personnel, is not debarred from holding the office of Director, and holds Nil shares in the company.
• The postal ballot also seeks approval for Mr. Himanshu Gopal (DIN: 11891364) as an Executive Director, liable to retire by rotation, as an Ordinary Resolution.
• Mrs. Shruti Swaroop (DIN: 07814461) is proposed to be appointed as an Independent Director, not liable to retire by rotation, for a term of five (5) consecutive years from August 11, 2026 up to August 10, 2031, as a Special Resolution.
• On approval, Mr. Ishaan shall be a Non-Executive, Non-Independent Director, liable to retire by rotation.

Postal ballot and key dates

• Voting will be only through remote e-voting.
• Remote e-voting starts Thursday, October 08, 2026 at 09:00 A.M. (IST) and ends Friday, November 06, 2026 at 05:00 P.M. (IST).
• Results are to be declared on or before Tuesday, November 10, 2026, and displayed on the notice board at the registered office, intimated to BSE Limited, and uploaded on the company's website and on NSDL (www.evoting.nsdl.com).
• Cut-off date for reckoning voting rights and dispatch of notice: Friday, October 02, 2026.
• CA Shiva Nishad (Membership No. 560019), Partner of Krishan Rakesh & Co., Chartered Accountants, appointed as scrutinizer to conduct the postal ballot through remote e-voting.
• The trading window for dealing in the company's securities, closed from October 1, 2026, shall continue to remain closed until the expiry of 48 hours after the declaration of the unaudited financial results for the quarter ended September 30, 2026.

How to read this

A rights issue lets existing shareholders buy new shares, usually in proportion to their holding, with the price and ratio set later. The board's approval is a step in the process; the rights issue resolution is placed before members as a Special Resolution through the postal ballot. The other resolutions relate to the composition of the board. The terms that determine how the rights issue affects a shareholder's position, namely the issue price, entitlement ratio and record date, are to be decided and intimated separately.

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.