Hind Rectifiers Limited has informed the Exchange regarding Outcome of Board Meeting held on May 16, 2026.
HIRECT · price
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The board approved the re-appointment of Mr. Suramya Nevatia as Managing Director for 3 years starting August 17, 2026, subject to shareholder approval. Ms. Akshada Nevatia's remuneration as Executive Director was revised with her now not liable to retire by rotation. Mr. Suhas Pawar was appointed as the new Company Secretary and Compliance Officer effective May 16, replacing Ms. Megha Shekhawat who resigned from her interim role. The company also granted 75,291 ESOP options at Rs. 470 per option to eligible employees and approved a preferential issue of 10,86,366 equity shares to Tata Mutual Fund (Small Cap Fund) at Rs. 920.50 per share, raising approximately Rs. 100 crore. Shareholder approval via postal ballot will be sought for the appointments and preferential issue.
The preferential issuance to a mutual fund brings institutional capital of Rs. 100 crore, which is positive for the company's growth plans. The management continuity with Suramya Nevatia's reappointment provides stability. The related-party nature of Suramya and Akshada Nevatia's roles warrants shareholder scrutiny on remuneration revision.