Shah Foods519031Preferential allotment

Corrigendum to 44th AGM Notice revises pricing and disclosure details of promoter warrant issue

Shah Foods issued a corrigendum to its 44th AGM Notice (AGM on 30 Sept 2026, via video conferencing).

By ScoutQuest · Thu 24 Sep 2026, 9:39 PM IST · 2 min read

71.68%Promoter holding -issue

Promoter holding -issue: 71.68%.

Issue Price: Rs. 153/- per warrant
Total Issue Value: Rs. 28,92,32,730/-
Number of Warrants: 18,90,410 fully convertible warrants
Promoter Stake Post-Conversion: 71.68% (from 69.39%)
Total Shares Post-Conversion: 2,52,05,410 (from 2,33,15,000)

What was shared

Shah Foods has sent BSE a corrigendum to the Notice of its 44th Annual General Meeting, which was originally circulated on 8 September 2026 along with the Annual Report for FY 2025-26. The AGM is scheduled for Wednesday, 30 September 2026 at 03:00 P.M. through video conferencing / other audio-visual means.

The corrigendum substitutes Point Nos. 3, 4, 9 and 17 of the explanatory statement to Item No. 6, and forms an integral part of the AGM Notice. Where the two differ, the corrigendum prevails. It is being published in newspapers and sent to all shareholders who received the original notice.

What Item No. 6 is about

A proposed preferential issue of up to 18,90,410 fully convertible warrants to promoters, each convertible into one equity share of face value Rs. 10/- within 18 (Eighteen) months of allotment.

Issue price: Rs. 153/- per warrant
Total aggregating to Rs. 28,92,32,730/-
25% payable upfront; remaining 75% on exercise, with forfeiture of the upfront amount if not exercised
Proposed allottees: Anuj Jalan (7,08,905 warrants), Ankit Jalan (7,08,905) and Daivik Jalan (4,72,600)

What the revised points now say

Point 3: the equity shares are infrequently traded; price determined under Regulation 165 of SEBI ICDR Regulations, with 31st August 2026 as the relevant date, being 30 days prior to passing of the special resolution.
Point 4: the valuation was conducted by Bhavesh M. Rathod, Chartered Accountant and Registered Valuer, with the report placed on the company website.
Point 9: the revised pre- and post-issue shareholding table.
Point 17: a certificate from Jaymin Modi & Co., Practising Company Secretary, under Regulation 163(2), confirming the issue is being made in accordance with SEBI ICDR Regulations.

Dilution picture

Promoter and promoter group: 1,61,77,876 shares (69.39%) before, 1,80,68,286 shares (71.68%) after
Non-promoter holding stays at 71,37,124 shares but the percentage moves from 30.61% to 28.32%
Total shares: 2,33,15,000 before, 2,52,05,410 after

The post-issue figures assume full subscription and full conversion of the warrants.

Other AGM business

The Notice also seeks an increase in authorised share capital from Rs.24,00,00,000/- to Rs.25,50,00,000/-, appointment of MR & Associates as Secretarial Auditors for five years from FY 2026-27, and a resolution for members to take note of Monitoring Agency observations by Infomerics Valuation and Rating Limited on the use of proceeds of the earlier preferential issue of 68,32,463 equity shares at Rs.110 per share aggregating Rs.75,15,70,930, and to approve certain related party transactions of subsidiary Tandhan Power Technologies with Tandhan Polyplast aggregating Rs.11.20 crore.

How to read it

The corrigendum itself is a disclosure correction rather than a change in the size or price of the proposed issue. For minority shareholders, the key point is the promoter stake rising and non-promoter percentage falling on full conversion, plus the governance items placed before members.

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