Ashapura Minechem Limited has informed the Exchange about Incorporation of wholly owned subsidiary in UAE
ASHAPURMIN · price
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Ashapura Minechem's board, meeting on March 24, 2026, approved the introduction of ESOP 2026, which may grant up to 20 lakh (2 million) stock options convertible into equity shares of Rs 2 face value to employees of the company, its holding, subsidiaries, associates, and group companies, subject to shareholder approval via postal ballot. The board also scrapped its earlier plan to acquire Ashapura Holdings (UAE) FZE from its step-down subsidiary Ashapura Minechem (UAE) FZE, which had been put on hold due to internal structuring issues. In its place, the company will incorporate a fresh wholly owned subsidiary in the UAE called 'Ashapura Resources UAE FZE' with a proposed capital of 1 million AED, to engage in import/export, trading of raw materials, investments, and business consultancy. A postal ballot has also been scheduled to seek shareholder approval for the ESOP, re-appointment of the Executive Director & CEO, and regularization of two Independent Directors.
The new UAE subsidiary is a small greenfield incorporation (1 million AED) focused on operational convenience and is unlikely to materially impact financials in the short term. The ESOP 2026 introduces a potential dilution of up to 20 lakh shares, which shareholders should factor in when voting on the postal ballot.