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TANFAC Industries held its EGM on February 23, 2026, via video conferencing, attended by 41 members. Five resolutions were transacted: (1) sub-division of equity shares, (2) alteration of the Capital Clause of the Memorandum of Association, (3) approval to raise funds up to ₹500 crores through Qualified Institutional Placement (QIP) or other permissible modes (up to 10 lakh shares of ₹10 face value, or 20 lakh shares of ₹5 post sub-division), (4) change in designation of Mr. Afzal Harunbhai Malkani from Non-Executive Non-Independent Director to Managing Director, and (5) appointment of Mrs. Sandhya Venugopal Sharma as Nominee Director. Remote e-voting was held from February 20–22, 2026. Combined voting results will be submitted to BSE and uploaded on the company's website within the stipulated timeline. The meeting concluded at 11:30 a.m.
The most material item is the proposed ₹500 crore fundraise via QIP, which could lead to equity dilution for existing shareholders if approved by the required majority. The share sub-division is aimed at improving retail affordability and liquidity. The leadership changes strengthen the executive team with a full-time Managing Director.