Ashapura Minechem Limited has informed the Exchange regarding Outcome of Board Meeting held on March 24, 2026 to approve the following:1. ESOP Scheme2. Incorporation of Wholly owned subsidiary3. Postal Ballot Notice
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Ashapura Minechem's board, meeting on March 24, 2026, approved three key items. First, it introduced the ESOP 2026 plan, which allows granting up to 20 lakh stock options (face value Rs 2 each) to employees and directors, including those of group companies, subject to shareholder approval via postal ballot. Second, the board decided to incorporate a new wholly owned subsidiary in the UAE called 'Ashapura Resources UAE FZE' with a proposed capital of 1 million AED, focused on import/export trading of raw materials. This new entity replaces an earlier approved acquisition of Ashapura Holdings (UAE) FZE, which was put on hold due to internal structuring issues. Third, a postal ballot notice was approved to seek shareholder consent for the ESOP, re-appointment of the CEO, and regularization of two independent directors. Voting runs from March 29 to April 27, 2026.
The ESOP plan may lead to mild dilution of up to 20 lakh shares once granted, while the new UAE subsidiary signals continued international expansion in raw materials trading. Shareholders will need to vote on these proposals and director appointments through the postal ballot process by April 27, 2026.