Board approves revised list of proposed allottees for preferential issue of 1,20,00,000 equity shares

Board on 8 Oct 2026 approved a revised list of proposed allottees for a preferential issue of 1,20,00,000 equity shares, aggregating Rs. 12,00,00,000 on face value — about 94.81% of post-allotment capital.

Thu 8 Oct 2026

Preferential issue size

1,20,00,000 equity shares of face value Rs. 10/- each

Aggregate issue size (face value)

Rs. 12,00,00,000

Share of post-allotment capital

approximately 94.81%

What the Board approved

• The Board of Directors, at its meeting held on 8 October 2026, reconsidered the matter of the proposed issue of equity shares on a preferential allotment basis and approved a revised list of Proposed Allottees.
• The revised list replaces the earlier submissions made to BSE Limited in relation to the proposed preferential allotment, to the extent of the list of Proposed Allottees. All other terms, conditions, approvals and decisions relating to the proposed preferential allotment remain unchanged.

Size of the proposed issue

• 1,20,00,000 equity shares of face value Rs. 10/- each.
• Aggregating to Rs. 12,00,00,000 on face value.
• The company states this represents approximately 94.81% of the post-allotment capital.

Who the shares are proposed to be allotted to

The annexure sets out the proposed allottees by name, number of shares and share of the issue, classified as Promoter, Promoter Group or Public. The largest proposed allocations are:

• Pratik Kakadia (Promoter): 6996200 shares, 55.2735%
• Ramjibhai Kakadia (Promoter Group): 3946680 shares, 31.1807%
• Hetal Kakadiya (Promoter Group): 543320 shares, 4.2925%
• Shardaben Kakadiya (Promoter Group): 500000 shares, 3.9502%

• The remaining names in the list have smaller proposed allocations, ranging from 10 shares up to 2500 shares.
• The annexure totals 1,20,00,000 shares, or 94.8060%.
• The very large proposed allocations sit with Promoter and Promoter Group names, while the names classified as Public have small proposed allocations.

Next steps and background

• The Board approved making an application to BSE Limited for the requisite in-principle approval for listing of the equity shares proposed to be issued on a preferential allotment basis.
• The Board authorised the appropriate officer(s) of the company to make the application, submit the requisite documents and information, and undertake all such acts, deeds and things as may be necessary in connection with obtaining the in-principle approval and completing the proposed preferential issue.
• The company states the proposal is in furtherance of the equity infusion/restructuring proposal considered by the Board at its meeting held on 10 July 2025, under which the revised share capital structure contemplated equity infusion by the Implementing Entity.

What this means in simple terms

• A preferential allotment means the company proposes to issue fresh shares to a select set of identified persons, not to the general public.
• Because the 1,20,00,000 shares proposed would represent about 94.81% of the post-allotment capital, shareholders who are not among the proposed allottees would hold a much smaller proportion of the company's total shares if the issue is completed.
• The document is about a proposed issue: the annexure is a list of proposed allottees, and the Board has approved applying to BSE for in-principle approval for listing these shares.
• The list of proposed allottees is the only part stated to be replaced by this submission; the company says the other terms of the proposed preferential allotment stay as previously approved.

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