Board approves preferential issue of up to 54,50,000 equity shares and 35,00,000 warrants

Board approved a preferential issue of shares and warrants.

Tue 6 Oct 2026

Equity Shares Preferential Issue

Up to 54,50,000 equity shares of face value ₹10/- at ₹10.50/- each, up to ₹5,72,25,000

Warrants Preferential Issue

Up to 35,00,000 fully convertible warrants at ₹10.50/- each, up to ₹3,67,50,000

EGM Date

Thursday, November 05, 2026

The board has approved two fund-raising items on a preferential basis — equity shares and fully convertible warrants — both priced at ₹10.50/- each, subject to shareholder approval.

What was approved

• Up to 54,50,000 Equity Shares of face value of ₹10/- each, at an issue price of ₹10.50/- each, including a premium of ₹0.50/-, aggregating to an amount up to ₹5,72,25,000
• Up to 35,00,000 Fully Convertible Warrants, each carrying a right to subscribe to 1 equity share of face value ₹10/- each, at an issue price of ₹10.50/- each, aggregating to an amount up to ₹3,67,50,000
• Both are preferential issues under the SEBI ICDR Regulations and are subject to the approval of the shareholders, as applicable
• The board has decided to call an Extra-Ordinary General Meeting on Thursday, November 05, 2026 and approved the draft notice for it

Who the equity shares are proposed for

• 17 proposed allottees, all belonging to the non-promoter category
• The largest proposed allottee is Five Elements Resources Pvt Ltd with 20,00,000 shares for ₹2,10,00,000. Its holding would move from 70,000 shares (0.53%) to 20,70,000 shares (8.29%)
• Manisha Mayank is proposed for 15,00,000 shares (₹1,57,50,000) and Jyoti Tuli for 7,00,000 shares (₹73,50,000); both currently hold no shares in this table
• The remaining proposed allottees range from 3,50,000 shares down to 25,000 shares each
• Consideration for the issue is cash

Who the warrants are proposed for

• 5 proposed allottees, in the promoter, promoter group and non-promoter category
• Promoter entity Shiva Explosives India Private Limited is proposed for 10,00,000 warrants (₹1,05,00,000), which would take its holding from 5,000 shares (0.04%) to 10,05,000 shares (4.03%)
• Topfilings India Capital Market Pvt Ltd is proposed for 14,50,000 warrants (₹1,52,25,000), Ravi Bhatia and Profitious Insurance Brokers Pvt Ltd for 5,00,000 warrants each (₹52,50,000 each), and Shivam Gupta for 50,000 warrants (₹5,25,000)

Warrant terms

• Each warrant carries a right to subscribe to 1 equity share, and the warrants are convertible in one or more tranches
• The tenor is 18 months from the date of allotment
• An amount equivalent to 25% of the warrant issue price is to be received at the time of subscription and allotment, and the balance 75% is payable on exercise
• If a warrant is not exercised within 18 months from allotment, the unexercised warrant lapses and the amount paid on it stands forfeited by the company

How the shareholding picture changes

• Promoter and promoter group: from 58,75,050 shares (44.46%) to 68,75,050 shares (27.54%)
• Public: from 73,40,000 shares (55.54%) to 1,80,90,000 shares (72.46%)
• Total: from 1,32,15,050 shares to 2,49,65,050 shares
• The note accompanying this table states that the post-preferential figure includes 28,00,000 warrants to be converted into equity shares, the 54,50,000 equity shares and the 35,00,000 fully convertible warrants to be converted into equity shares

Other points stated

• The proposed allottees have not sold/transferred any shares in the last 90 trading days preceding the relevant date
• The nature of consideration is cash
• The board meeting commenced at 04:30 PM and concluded at 05:30 PM

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