Appointment of Additional Independent Director.
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The board of Hittco Tools Ltd, at its 19 January 2026 meeting, approved a preferential allotment of up to 4,45,000 equity shares — 1,50,000 to non-promoter Mr. Shreyans Bhandari at Rs. 15.92 and 2,95,000 to promoter group member Yash Vardhan Bhandari at Rs. 13.92 per share. The board also forfeited 2,47,600 partly paid-up shares (largely held by Foresight Financial Services Ltd) for non-payment of call money, which will reduce the share count. Mr. Ranjan Kotekar (DIN: 02964263) was appointed as Additional Independent Director. Additionally, the company entered a 5-year related party agreement with promoter group entity Hittco Industries Pvt Ltd to rent manufacturing equipment at Rs. 9.95 lakh per year to boost capacity. A prior special resolution for the preferential issue was cancelled and will be re-freshed.
Existing shareholders will face dilution from the preferential issue, partly offset by the cancellation of 2.47 lakh forfeited shares; the promoter's increased stake signals confidence. The related-party rental deal with a promoter group firm is positive for capacity expansion but should be tracked for arm's-length pricing and overall governance.