1. Appointment of M/s. J M Patel & Bros. Chartered Accountants as the tax Auditor of the company. 2. Appointment of M/s. Avni & Associates, Practicing Company Secretaries, as the Secretarial ....
Awaiting price reaction for this filing.
The board approved issuing 20 crore (2 billion) fully convertible equity warrants at Rs. 4 per warrant, aggregating to Rs. 80 crore, on a preferential basis to 6 members of the Patel family. Each warrant is convertible into one equity share of Re. 1 face value within 18 months, with 25% upfront and 75% on conversion. An EGM is scheduled for June 27, 2026, to seek shareholder approval. After full conversion, the 6 allottees would collectively hold nearly 100% of the company, indicating an effective change of control away from existing public shareholders. Additionally, the secretarial auditor resigned and a new one was appointed, along with the appointment of a new tax auditor.
Existing public shareholders face massive potential dilution — their collective stake could shrink from roughly 31% to around 3% post full conversion, effectively transferring control to the Patel family. The stock may remain under pressure given the heavy dilutive preferential issue to related parties, though the Rs. 4 issue price carries a premium over the Re. 1 face value.