Clarification on proposed preferential issue of ~26.29 lakh CCPS
Pipan Oils clarified parts of the explanatory statement to its AGM notice dated 05th September, 2026, on the proposed preferential issue of ~26.29 lakh CCPS.
By ScoutQuest · · 2 min read
- Issue Size
- ~26.29 lakh CCPS
- Issue Price
- ₹91/- per CCPS (face value ₹2/- plus premium ₹89/-)
- Post-Issue Holding
- 56 proposed allottees would together hold 26,29,416 equity shares, or 13.04%, post the issue
An exchange update dated 22nd October, 2026 sets out clarifications and corrections to three points in the explanatory statement to the notice of the Annual General Meeting dated 05th September, 2026. The AGM was concluded on 30th September, 2026, so the corrected details are being placed before the exchange and shareholders after the meeting. The update also refers to an application for in-principal approval before issue and allotment of the CCPS.
What the issue involves
- ~26.29 lakh Compulsorily Convertible Preference Shares (CCPS) proposed to be issued on a preferential basis.
- Face value of ₹2/- per CCPS and a premium of ₹89/- per CCPS, i.e. an issue price of ₹91/- per CCPS.
Who intends to subscribe
In the corrected point 5, apart from Ms. Avni Jindal and Mr. Nilesh Jindal, none of the existing Directors, Promoters, Key Managerial Personnel or Senior Management Personnel of the company has expressed an intention to subscribe to the proposed preferential issue.
The allottee table
Point 18 now carries the list of proposed allottees with their beneficial owners, and point 20 their promoter or non-promoter status.
- 56 proposed allottees are listed in the table.
- Together they are shown holding 26,29,416 equity shares, or 13.04%, post the preferential issue.
- The largest holding in the table is Innovest Ventures with 3,29,670 equity shares (1.64%); its beneficial owner is named as Ms. Ankita Saraswat.
- Every allottee is marked Non-Promoter in both current and post status, except Ms. Avni Jindal, who is marked Promoter Group in both. She is shown with 54,945 equity shares (0.27%).
- Beneficial owners are named for five allottees: Surender S. Sheoran (HUF) – Mr. Surender Singh; Biotic Waste Solutions Pvt Ltd – Mr. Vikas Ghallot; Sumit Sapra HUF – Mr. Sumit Sapra; Innovest Ventures – Ms. Ankita Saraswat; Ashok Kumar HUF – Mr. Narayan Gupta.
What stays unchanged
All other contents of the Notice of the AGM dated 05th September, 2026 remain unchanged, except as amended by this announcement.
Points to note
- The allottee columns are headed in equity shares while the instrument proposed is CCPS; the share counts and percentages are as printed in the update.
- The document is framed as a clarification and correction to a notice already issued and an AGM already held, not as a fresh proposal.
- Control status is shown as unchanged for every allottee, with one Promoter Group name and the rest Non-Promoter.
Also from Pipan Oils
Shareholders approve reclassification of Raconteur Granite Limited from Promoter to Public category
1 Oct 2026
More numbers
- CCPS proposed to be issued on preferential basis26,29,416
- Face value per CCPS₹2/-
- Premium per CCPS₹89/-
- Issue price per CCPS₹91/-
- Total post-preferential holding of allottees13.04
- Innovest Ventures post-preferential equity shares3,29,670
- Innovest Ventures post-preferential holding1.64
- Ms. Avni Jindal post-preferential equity shares54,945
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