Resignation of Independent Director of Mr. Rajeev Shantilal Desai on 28th March, 2026.
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Hittco Tools' board, at its 28 March 2026 meeting, allotted 4,45,000 preferential equity shares at Rs. 13.92 each (including Rs. 3.92 premium), raising Rs. 61.94 lakh. The shares went to promoter Mr. Yash Vardhan Bhandari (2,95,000 shares) and non-promoter Mr. Shreyans Bhandari (1,50,000 shares), both from the Bhandari family. As a result, the paid-up equity capital rose from 61,59,848 to 66,04,847 shares. The board also accepted the resignations of Independent Director Mr. Rajeev Shantilal Desai and Chairman Mr. Rajeev Gobindram Hassanand, both citing personal and professional pre-occupations. Mr. Surendra Bhandari, the existing Managing Director and father/grandfather of existing directors, was appointed as the new Chairman.
Shareholders should note the capital infusion strengthens the Bhandari family's grip on the company, with related parties now holding a much larger stake. The simultaneous exit of the Chairman and an Independent Director, followed by a family member taking the top board seat, points to a tighter promoter-led leadership structure rather than a routine reshuffle.