Appointment of Mr Ranjan Kotekar as Additional Independent Director
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Hittco Tools' board, which met on 19 January 2026, appointed Mr. Ranjan Kotekar (DIN: 02964263) as an Additional Independent Director; he has over 10 years of management experience. The board also approved a preferential allotment of up to 4,45,000 equity shares — 1,50,000 shares to non-promoter Mr. Shreyans Bhandari at Rs. 15.92 per share and 2,95,000 shares to promoter Yash Vardhan Bhandari at Rs. 13.92 per share, subject to shareholder and regulatory approvals. In a separate move, 2,47,600 partly paid-up equity shares were forfeited for non-payment of call money, with the largest affected holder being Foresight Financial Services Ltd (1,96,200 shares). The board also cancelled a prior special resolution passed at the September 2025 AGM for a similar preferential issue and signed a 5-year related-party rent agreement with promoter group firm Hittco Industries Private Limited for manufacturing equipment at Rs. 9.95 lakh per year plus tax.
The preferential allotment will raise promoter holding and modestly dilute non-promoter stakes, while the share forfeiture tidies up the share register. The related-party rent deal with a promoter group company is small in value and aimed at boosting production capacity, so the overall impact on existing shareholders is limited.