EGM Scheduled on Wednesday, March 11, 2026 at 11.00 AM through VC/OAVM
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Harish Textile Engineers Limited has called an Extra-Ordinary General Meeting on Wednesday, March 11, 2026 at 11:00 AM through video conferencing. The sole item of special business is the issuance of up to 21,23,800 fully paid-up equity shares of Rs. 10 face value at an issue price of Rs. 64 per share (including Rs. 54 securities premium), aggregating up to Rs. 13.59 crore, on a preferential basis. The shares are proposed to be allotted to 35 allottees from the promoter and non-promoter categories, with promoter entities (Sandeep Kirti Gandhi, Shovan Sandeep Gandhi, Shaiv Sandeep Gandhi) accounting for roughly 76% of the issue. Part of the consideration (Rs. 3.55 crore for 5,54,600 shares to Sandeep Kirti Gandhi) is proposed to be discharged other than cash against credit balance. Floor price of Rs. 64 is based on the higher of 90-day VWAP (Rs. 61.72) and 10-day VWAP (Rs. 63.12), with the relevant date being February 9, 2026. Use of proceeds includes Rs. 6.79 crore for discharge of liabilities, Rs. 4.18 crore for working capital, Rs. 2.12 crore for part-debt repayment, and Rs. 0.50 crore for general corporate purposes.
Existing shareholders will see dilution of about 21.23 lakh new shares; the promoter group's stake will increase materially through this preferential issue. The use of proceeds is largely directed at cleaning up liabilities and debt, which could improve the company's debt-to-equity ratio but does not point to fresh expansion. Stock may react based on perceived pricing fairness (issue price is close to the 10-day VWAP) and whether retail holders view the promoter-heavy allotment favorably.