Manaksia Limited has informed the Exchange regarding Notice of Postal Ballot dated 30th January, 2026
MANAKSIA · price
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Manaksia Limited has issued a Postal Ballot notice dated 30 January 2026 seeking shareholder approval for five material related party transactions to be carried out during FY 2026-27. The transactions involve the company and its wholly-owned subsidiaries (MINL Limited and Manaksia Ferro Industries Limited) with related parties Manaksia Steels Limited (MSL) and Sumo Steels Limited (SUMO, based in Nigeria). Key proposed values are: MINL-MSL purchases up to Rs. 200 crore, MINL-SUMO purchases up to Rs. 420 crore (~63.35 billion Naira), Manaksia-SUMO sales up to Rs. 250 crore, Manaksia-MS purchases up to Rs. 75 crore, and MFIL-MS purchases up to Rs. 75 crore. The transactions cover raw materials, steel coils/sheets, and finished steel products, and are stated to be on an arm's length basis in the ordinary course of business. E-voting runs from 13 February 2026 to 14 March 2026, with results to be declared on or before 17 March 2026.
This is a routine regulatory compliance exercise to renew annual RPT limits, but the aggregate exposure across all five resolutions exceeds Rs. 1,000 crore, which is sizeable relative to the company. Related parties are barred from voting, so outcomes depend on the views of non-promoter shareholders. Approval is required for business continuity with group entities, but no immediate share-price impact is expected unless shareholders reject any resolution.