Board approves preferential issue of 12,22,200 equity shares and 5,00,400 warrants, subject to members' approval

12,22,200 equity shares at Rs. 336.60 each — Rs. 41,13,92,520.

Mon 5 Oct 2026

Equity shares to be issued

12,22,200 equity shares at Rs. 336.60 each

Equity share consideration

Rs. 41,13,92,520

Warrants to be issued

Up to 5,00,400 fully convertible warrants at Rs. 336.60 each

Warrant consideration

up to Rs. 16,84,34,640

EGM date

October 27, 2026

Preferential issue of equity shares and warrants

The Board of Directors, at its meeting on Monday, October 05, 2026, considered and approved the issue of equity shares and fully convertible warrants on a preferential basis. The securities are proposed to be issued subject to the approval of the members of the Company.

Equity shares

• 12,22,200 equity shares proposed to persons belonging to the public category (non-promoter/public)
• Issue price: Rs. 336.60 per equity share
• Total consideration: Rs. 41,13,92,520

Warrants

• Up to 5,00,400 fully convertible warrants, each convertible into, or exchangeable for, a fully paid-up equity share of the Company
• Issue price: Rs. 336.60 per warrant, to promoter/promoter group and non-promoter/public
• Total consideration: up to Rs. 16,84,34,640
• 25% of the warrant issue price is payable at the time of subscription and allotment of each warrant; the balance is payable on exercise of the warrants
• Warrants may be exercised in one or more tranches during the period commencing from the date of allotment, until expiry of 18 months
• The preferential issue will be undertaken for cash consideration

Who is subscribing

The names and numbers of the proposed allottees are set out in the annexure. The total number of investors is 33, across promoter, promoter group and non-promoter categories. The annexure shows the maximum number of equity shares to be offered to each non-promoter allottee, and the maximum number of warrants to be offered to each promoter, promoter group and non-promoter allottee.

How the shareholding looks after the issue

On a fully diluted basis, assuming the proposed allottees subscribe to all the warrants and all warrants are converted into equity shares:

• Promoter and promoter group: 62.46% pre-issue, 56.35% post-issue
• Public: 37.54% pre-issue, 43.65% post-issue

The post-issue pattern shown assumes that the proposed allottees subscribe to all the warrants they intend to subscribe to, on a fully diluted basis, and that the pre-issue shareholding pattern continues to be the same. If the proposed allottees do not, or are unable to, subscribe to and/or are not allotted warrants, the shareholding pattern would undergo corresponding changes.

Other decisions taken

• Alteration of the Articles of Association to insert a sub-article giving the Board power to issue or re-issue bonds, debentures, debenture-stock, warrants or other securities which are liable to be redeemed or converted into equity shares, subject to approval by the members
• Convening of an Extra-Ordinary General Meeting on Tuesday, October 27, 2026 through video conferencing or other audio-visual means to seek the members' approval for the issue
• Appointment of National Securities Depository Limited (NSDL) as Remote E-Voting Agency for the resolutions proposed at the Extra-Ordinary General Meeting
• Approval of the appointment of CS Mehul Amareliya, Practicing Company Secretary, as Scrutinizer for the remote e-voting process and voting at the Extra-Ordinary General Meeting
• Approval of the draft notice of the Extra-Ordinary General Meeting and authorisation to the directors and company secretary to send the notice to members

How to read this

The notice sets out the size of the fund raise, the price at which the shares and warrants are being issued, how the money comes in (cash, with part of the warrant amount upfront) and what the shareholding would look like if the warrants are converted. These are the details against which the eventual allotment and the members' vote at the Extra-Ordinary General Meeting can be tracked.

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