Pavna Industries logo

Pavna Industries MD, chairman, board of directors and AGM

NSE: PAVNAINDBSE: 543915Auto ComponentsSmall Cap

Last close ₹14.33down ₹0.20 (1.38%)BSE ₹14.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹14.53.

52-week range of traded prices to 23 Oct 2026
₹14.10Low, 23 Oct 2026₹40.69High, 27 Oct 2025
Market cap
₹200 Cr2,199th largest listed
P/E
Earlier quarters restated in the year
P/B
1.0
Dividend yield
Nonein the last 12 months
ROCE
5.0%
Debt to equity
0.51
Volume, NSE
28,94975.9% delivered

Pavna Industries board of directors

At the end of the quarter to Jun 2026, as the company filed it; changes since are in its announcements.Their trades in its shares

  • Managing directorSwapnil Jain
  • ChairpersonAsha JainRelated to the promoter
  • Company Secretary and Compliance OfficerKANCHAN GUPTA

9 directors5 independent3 executive1 non-executive

  • Swapnil Jain · Managing directorExecutive · joined Jul 2012 · reappointed Mar 2025 · 60 months as independent · 1 listed board · 2 committee seats
  • Asha Jain · ChairpersonExecutive · joined Apr 1994 · reappointed Jul 2020 · 1 listed board
  • Priya JainExecutive · joined Apr 2020 · reappointed Apr 2020 · 1 listed board · 1 committee seat
  • Sanjay Kumar JainNon-executive · joined Dec 2021 · reappointed Sep 2022 · 1 listed board
  • Dhruv JainIndependent · joined Feb 2023 · reappointed Sep 2023 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat, 1 as chair
  • Priyanka Moondra RathiIndependent · joined Aug 2023 · reappointed Sep 2023 · 60 months as independent · 4 listed boards · 4 as independent · 1 committee seat, 1 as chair
  • Himani BhootraIndependent · joined Apr 2023 · reappointed Sep 2023 · 60 months as independent · 5 listed boards · 5 as independent · 4 committee seats
  • Achyutanand Ramchandra MishraIndependent · joined Sep 2023 · reappointed Sep 2023 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat
  • Paras Shrikant ParekhIndependent · joined Aug 2024 · reappointed Sep 2024 · 60 months as independent · 1 listed board · 1 as independent · 1 committee seat

An independent director has no business or family tie to the company, its promoters or its managers beyond the seat. Listed boards counts the boards of listed companies the director sits on, this one included, and "as independent" how many of those seats are independent ones. Committee seats are audit and stakeholder committee seats across those companies. Months as independent is filed for independent directors only, whose terms the rules cap. Disqualified is the company's own mark that a director may not serve under company law.

1 director who left
  • Naozer Firoze Aibara, left 25 Jun 2025: Tenure Completion

Committees and meetings

Who sits on each, and how often they met.Board meeting notices and outcomes

  • Board

    • 16 Jun 20266 of 9 present2 independent · 18 days in between
    • 28 May 20269 of 9 present5 independent · 14 days in between
    • 13 May 20267 of 9 present3 independent · 90 days in between
    • 11 Feb 20269 of 9 present5 independent · 13 days in between
    1 earlier meeting
    • 28 Jan 20269 of 9 present5 independent

  • Audit Committee

    Chair Dhruv Jain

    Swapnil Jain, Paras Shrikant Parekh, Achyutanand Ramchandra Mishra

    • 28 May 20264 of 4 present3 independent · 14 days in between
    • 13 May 20264 of 4 present3 independent · 90 days in between
    • 11 Feb 20264 of 4 present3 independent · 13 days in between
    • 28 Jan 20264 of 4 present3 independent

  • Nomination and remuneration committee

    Chair Dhruv Jain

    Sanjay Kumar Jain, Paras Shrikant Parekh, Achyutanand Ramchandra Mishra

    • 28 May 20264 of 4 present3 independent · 105 days in between
    • 11 Feb 20264 of 4 present3 independent

  • Stakeholders Relationship Committee

    Chair Sanjay Kumar Jain

    Swapnil Jain, Priya Jain, Dhruv Jain

    • 28 May 20264 of 4 present1 independent · 105 days in between
    • 11 Feb 20264 of 4 present1 independent

  • Corporate Social Responsibility Committee

    Chair Swapnil Jain

    Dhruv Jain, Priya Jain

    • 11 Feb 20263 of 3 present1 independent

Meetings in the quarter filed and the one before it. The days in between are as the company files them, neither meeting's day counted; the rules allow at most 120. A quorum is the least number of members who must attend for the meeting to decide anything.

Statutory auditor

Named in the results for the quarter to Mar 2026.

  • Arun Varshney and AssociatesPeer-review certificate valid to Aug 2027
1 earlier auditor
  • Arun Varshney & AssociatesNamed in the filing for the quarter to Mar 2025

A statutory auditor checks the company's accounts and signs its results. Peer review is the accountants' institute's check of an audit firm's own work, which a listed company's auditor must hold a valid certificate of.

Pavna Industries AGM and shareholder votes

Each resolution, how the votes went, and how institutions voted apart from the promoters. A postal ballot is a vote by post or online, held without a meeting.Pavna Industries dividend history

Annual general meeting, 21 Sep 2026

12,057 shareholders on the register on 14 Sep 2026; present: 4 promoters and 27 others; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. 1 - To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2026, together with the Schedules thereon, along with the Reports of the Directors and Auditors thereon.MoreLess
    Ordinary
    99.99% for0.01% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 70.94% · promoters 100.00% · institutions 0.07% · other public 28.01%

  2. 2- To Approve re-appointment of Mrs. Asha Jain (DIN: 00035024) as a director, who retires by rotation at this Annual General Meeting and being eligible, offers herself for re-appointment.
    OrdinaryPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 9.44% · promoters 0.00% · institutions 0.07% · other public 28.01%

  3. 3 - To Approve Disinvestment of 100% Investment Held in Swapnil Switches Private Limited (SSPL), a subsidiary of the Company.
    SpecialPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 9.44% · promoters 0.00% · institutions 0.07% · other public 28.01%

  4. 4 -To Approve Disinvestment of 100% Investment Held in Pavna Auto Engineering Private Limited (PAEPL), a subsidiary of the Company.
    SpecialPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 9.44% · promoters 0.00% · institutions 0.07% · other public 28.01%

  5. 5 - To Approve the Related Party Transactions of the Company.
    SpecialPromoters have an interest in it
    99.94% for0.06% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.06%

    Turnout: all 9.44% · promoters 0.00% · institutions 0.07% · other public 28.01%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 1 Mar 2026, 4 resolutions

11,275 shareholders on the register on 23 Jan 2026; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To Consider and Approve Authorization to the Board of Directors for providing Loan(s)/Guarantee(s) and/ or provide security (ies) in connection with any loan under Section 185 of the Companies Act, 2013.MoreLess
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 10.89% · promoters 0.00% · institutions 0.06% · other public 33.25%

  2. To Consider and Approve Authorization to the Board of Directors for giving any loan / guarantee and/or providing any security in connection with loan and/or making any investment by the company under Section 186 of the Companies Act, 2013.MoreLess
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 10.89% · promoters 0.00% · institutions 0.06% · other public 33.25%

  3. To Consider and Approve the Material modification in an Approved Related party transaction(s) with the Related Party of the Company.
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 10.89% · promoters 0.00% · institutions 0.06% · other public 33.25%

  4. To Consider and Approve the Material Related party transaction(s) with the Related Party of the Company
    OrdinaryPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 10.89% · promoters 0.00% · institutions 0.06% · other public 33.25%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Annual general meeting, 24 Sep 2025, 4 resolutions

9,837 shareholders on the register on 17 Sep 2025; present: 4 promoters and 28 others; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To receive, consider and adopt the Audited Standalone and Consolidated Financial Statements of the Company for the financial year ended on March 31, 2025 and the Profit and Loss Account for the year ended on that date together with the Schedules thereon, along with the Reports of the Directors and Auditors thereon.MoreLess
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 70.39% · promoters 99.99% · institutions 0.97% · other public 27.30%

  2. To Re-appoint Mr. Sanjay Kumar Jain (DIN: 03008142), who retires by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment
    Ordinary
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.33%

    Turnout: all 70.39% · promoters 99.99% · institutions 0.97% · other public 27.30%

  3. To re-appoint M/s D Sagar & Associates, Practicing Company Secretary (COP No.: 11547) as Secretarial Auditor of the Company.
    Ordinary
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 70.39% · promoters 99.99% · institutions 0.97% · other public 27.30%

  4. Approve the Related Party Transactions
    SpecialPromoters have an interest in it
    99.68% for0.32% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.33%

    Turnout: all 8.90% · promoters 0.00% · institutions 0.97% · other public 27.30%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 3 Aug 2025, 2 resolutions

5,382 shareholders on the register on 27 Jun 2025; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. APPROVAL FOR SUB-DIVIDING OR SPLITTING THE EQUITY SHARES OF THE COMPANY, SUCH THAT EACH FULLY PAID-UP EQUITY SHARE HAVING FACE VALUE OF RS 10 (RUPEES TEN ONLY) EACH BE SUB DIVIDED INTO 10 (TEN) FULLY PAID UP EQUITY SHARES HAVING FACE VALUE OF RS. 01 (RUPEE ONE ONLY)MoreLess
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.31%

    Turnout: all 65.36% · promoters 99.99% · institutions 0.00% · other public 12.04%

  2. APPROVAL FOR ALTERATION OF CAPITAL CLAUSE OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY.
    Ordinary
    99.98% for0.02% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.30%

    Turnout: all 65.36% · promoters 99.99% · institutions 0.00% · other public 12.04%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 5 May 2025, 1 resolution

5,660 shareholders on the register on 28 Apr 2025; present: 4 promoters and 28 others; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. To Consider and Approve Raising of funds up to Rs 320 Crores Through Issuance of Equity Shares to Qualified Institutional Buyers.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 67.68% · promoters 99.99% · institutions 0.00% · other public 19.16%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Postal ballot, 30 Mar 2025, 1 resolution

5,418 shareholders on the register on 21 Feb 2025; votes counted by SHANTANU JAIN / S.B JAIN & ASSOCIATES.The company's voting result (opens in a new tab)

  1. Re-appointment of Mr. Swapnil Jain (DIN-01542555) as Managing Director of the Company.
    SpecialPromoters have an interest in it
    99.75% for0.25% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.25%

    Turnout: all 8.61% · promoters 0.00% · institutions 0.00% · other public 29.38%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 9 Nov 2024, 2 resolutions

Present: 5 promoters and 27 others.The company's voting result (opens in a new tab)

  1. Preferential Issuance of up to 80,55,000 (Eighty Lakhs Fifty five thosuand only) Fully Convertible Warrants ('' WARRANTS ) On Preferential Basis To the Persons Belong to NON PROMOTER, PUBLIC CATEGORY'')MoreLess
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 80.61% · promoters 100.00% · institutions 0.00% · other public 34.50%

  2. Increase in the Total Shareholding Limits for all foreign institutional Investors (FIIS) Including their sub Accounts upto 49% of the Paid Up Voting Equity Capital of the Company.
    Special
    99.96% for0.04% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.28%

    Turnout: all 80.61% · promoters 100.00% · institutions 0.00% · other public 34.50%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Extraordinary general meeting, 23 Oct 2024, 5 resolutions

Present: 5 promoters and 26 others.The company's voting result (opens in a new tab)

  1. AMENDMENT IN OBJECT CLAUSE OF THE MEMORANDUM OF ASSOCIATION OF THE COMPANY
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 80.58% · promoters 100.00% · institutions 0.00% · other public 34.35%

  2. ALTERATION OF ARTICLES OF ASSOCIATION OF THE COMPANY
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 80.58% · promoters 100.00% · institutions 0.00% · other public 34.35%

  3. PREFERENTIAL ISSUANCE OF UPTO 23,77,000 (TWENTY THREE LAKHS SEVENTY SEVEN THOUSAND ONLY) EQUITY SHARES TO THE PERSONS BELONGING TO “NON-PROMOTER, PUBLIC CATEGORY”.
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 75.58% · promoters 100.00% · institutions 0.00% · other public 17.40%

  4. PREFERENTIAL ISSUANCE OF UP TO 40,00,000 (FORTY LAKHS ONLY) FULLY CONVERTIBLE WARRANTS (“WARRANTS”) ON PREFERENTIAL BASIS TO THE PERSON BELONGING TO “PROMOTER/PROMOTER GROUP”
    SpecialPromoters have an interest in it
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 10.15% · promoters 0.01% · institutions 0.00% · other public 34.35%

  5. FOR RAISING OF FUNDS AND ISSUANCE OF SECURITIES
    Special
    100.00% for0.00% against

    Against: promoters 0.00% · institutions 0.00% · other public 0.00%

    Turnout: all 80.58% · promoters 100.00% · institutions 0.00% · other public 34.35%

For and against are per cent of the votes cast. Turnout is the votes cast as a per cent of the shares each group holds. Institutions are funds, insurers, banks and foreign investors. An ordinary resolution passes with more than half the votes cast, a special one with at least three quarters.

Investor complaints and compliance

Quarter by quarter.

Investor complaints received and resolved, the company's own count

  • Received
  • Resolved

Open at the quarter's end

None open at any quarter's end.
The board is made up as the listing rules require
Yes
The board has a regular chairperson
Yes
The company has a risk management committee
No
The chair is related to the managing director
Yes
The filing has a part on fines and penalties
No
The filing has a part on tax disputes
No
There was a cyber security incident in the quarter
No

The company's own answers in its filing.

How money raised was used

Reported for the quarter to Jun 2026. A preferential issue sells new shares to chosen investors rather than to the public. A warrant or partly paid issue plans the whole issue while the money comes in over time, so the amount set aside can be more than raised so far.

RaisedAmount raisedForSet asideSpentSpent elsewhereReason and comments
Preferential IssuesJan 2025, checked by CARE RATINGS LIMITED119.80ISSUE RELATED EXPENSES0.280.00No
The Preferential Issue size was ₹210.70 crore, of which ₹50.00 crore was allocated towards General Corporate Purposes (GCP), well within the permissible limit of 25% under applicable SEBI regulations. Against this allocation, the Company has utilised only ₹38.30 crore.The observation appears to arise from comparing the GCP utilisation of ₹38.30 crore with the ₹119.80 crore received as of the relevant date. However, at the time of utilisation, the Company was entitled to receive the balance warrant consideration within the stipulated 18-month period, and therefore the approved issue size, and not the amount received as on a particular date, should be the basis for assessing permissible GCP utilisation. Any subsequent forfeiture of warrants, resulting in a lower amount ultimately received, does not retrospectively alter the approved allocation or the utilisation of funds already made in accordance with the objects of the issue. Accordingly, since the GCP utilisation of ₹38.30 crore is within the approved allocation of ₹50.00 crore, the Board is of the view that the utilisation is fully compliant with applicable regulatory requirements and does not constitute any breach or non-compliance.MoreLess
Audit committee: PIL has issued 17,72,200 preferential equity shares at Rs.505 per share (including premium of Rs.495 per share) and 24,00,000 fully convertible warrants at issue price of Rs.505 per warrant aggregating Rs.210.70 crore. Entire proceeds pertaining to preferential equity shares amounting to Rs.89.50 crore and 25% proceeds pertaining to fully convertible warrants amounting Rs. 30.30 crores aggregating to Rs.119.80 crore have been received. The balance 75% was payable at the time of exercise of warrants within a period of 18 months from the date of allotment, i.e., on or before July 28, 2026. Since, the Company has not received the balance 75% consideration from the warrant holders within the stipulated timeline, accordingly, the outstanding warrants have lapsed upon expiry of the exercise period, i.e., on July 28, 2026.Consequently, with effect from July 29, 2026, the upfront subscription amount received at the time of allotment, being 25% of the issue price, amounting to ₹30,30,00,000/- (₹30.30 Crore) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.MoreLess
Preferential IssuesJan 2025, checked by CARE RATINGS LIMITED119.80WORKING CAPITAL REQUIREMENTS81.500.00No
The Preferential Issue size was ₹210.70 crore, of which ₹50.00 crore was allocated towards General Corporate Purposes (GCP), well within the permissible limit of 25% under applicable SEBI regulations. Against this allocation, the Company has utilised only ₹38.30 crore.The observation appears to arise from comparing the GCP utilisation of ₹38.30 crore with the ₹119.80 crore received as of the relevant date. However, at the time of utilisation, the Company was entitled to receive the balance warrant consideration within the stipulated 18-month period, and therefore the approved issue size, and not the amount received as on a particular date, should be the basis for assessing permissible GCP utilisation. Any subsequent forfeiture of warrants, resulting in a lower amount ultimately received, does not retrospectively alter the approved allocation or the utilisation of funds already made in accordance with the objects of the issue. Accordingly, since the GCP utilisation of ₹38.30 crore is within the approved allocation of ₹50.00 crore, the Board is of the view that the utilisation is fully compliant with applicable regulatory requirements and does not constitute any breach or non-compliance.MoreLess
Audit committee: PIL has issued 17,72,200 preferential equity shares at Rs.505 per share (including premium of Rs.495 per share) and 24,00,000 fully convertible warrants at issue price of Rs.505 per warrant aggregating Rs.210.70 crore. Entire proceeds pertaining to preferential equity shares amounting to Rs.89.50 crore and 25% proceeds pertaining to fully convertible warrants amounting Rs. 30.30 crores aggregating to Rs.119.80 crore have been received. The balance 75% was payable at the time of exercise of warrants within a period of 18 months from the date of allotment, i.e., on or before July 28, 2026. Since, the Company has not received the balance 75% consideration from the warrant holders within the stipulated timeline, accordingly, the outstanding warrants have lapsed upon expiry of the exercise period, i.e., on July 28, 2026.Consequently, with effect from July 29, 2026, the upfront subscription amount received at the time of allotment, being 25% of the issue price, amounting to ₹30,30,00,000/- (₹30.30 Crore) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.MoreLess
Preferential IssuesJan 2025, checked by CARE RATINGS LIMITED119.80GENERAL COPORATE PURPOSE (GCP)50.000.00No
The Preferential Issue size was ₹210.70 crore, of which ₹50.00 crore was allocated towards General Corporate Purposes (GCP), well within the permissible limit of 25% under applicable SEBI regulations. Against this allocation, the Company has utilised only ₹38.30 crore.The observation appears to arise from comparing the GCP utilisation of ₹38.30 crore with the ₹119.80 crore received as of the relevant date. However, at the time of utilisation, the Company was entitled to receive the balance warrant consideration within the stipulated 18-month period, and therefore the approved issue size, and not the amount received as on a particular date, should be the basis for assessing permissible GCP utilisation. Any subsequent forfeiture of warrants, resulting in a lower amount ultimately received, does not retrospectively alter the approved allocation or the utilisation of funds already made in accordance with the objects of the issue. Accordingly, since the GCP utilisation of ₹38.30 crore is within the approved allocation of ₹50.00 crore, the Board is of the view that the utilisation is fully compliant with applicable regulatory requirements and does not constitute any breach or non-compliance.MoreLess
Audit committee: PIL has issued 17,72,200 preferential equity shares at Rs.505 per share (including premium of Rs.495 per share) and 24,00,000 fully convertible warrants at issue price of Rs.505 per warrant aggregating Rs.210.70 crore. Entire proceeds pertaining to preferential equity shares amounting to Rs.89.50 crore and 25% proceeds pertaining to fully convertible warrants amounting Rs. 30.30 crores aggregating to Rs.119.80 crore have been received. The balance 75% was payable at the time of exercise of warrants within a period of 18 months from the date of allotment, i.e., on or before July 28, 2026. Since, the Company has not received the balance 75% consideration from the warrant holders within the stipulated timeline, accordingly, the outstanding warrants have lapsed upon expiry of the exercise period, i.e., on July 28, 2026.Consequently, with effect from July 29, 2026, the upfront subscription amount received at the time of allotment, being 25% of the issue price, amounting to ₹30,30,00,000/- (₹30.30 Crore) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.MoreLess
Preferential IssuesJan 2025, checked by CARE RATINGS LIMITED119.80STRATEGIC ACQUISTIONS78.920.00No
The Preferential Issue size was ₹210.70 crore, of which ₹50.00 crore was allocated towards General Corporate Purposes (GCP), well within the permissible limit of 25% under applicable SEBI regulations. Against this allocation, the Company has utilised only ₹38.30 crore.The observation appears to arise from comparing the GCP utilisation of ₹38.30 crore with the ₹119.80 crore received as of the relevant date. However, at the time of utilisation, the Company was entitled to receive the balance warrant consideration within the stipulated 18-month period, and therefore the approved issue size, and not the amount received as on a particular date, should be the basis for assessing permissible GCP utilisation. Any subsequent forfeiture of warrants, resulting in a lower amount ultimately received, does not retrospectively alter the approved allocation or the utilisation of funds already made in accordance with the objects of the issue. Accordingly, since the GCP utilisation of ₹38.30 crore is within the approved allocation of ₹50.00 crore, the Board is of the view that the utilisation is fully compliant with applicable regulatory requirements and does not constitute any breach or non-compliance.MoreLess
Audit committee: PIL has issued 17,72,200 preferential equity shares at Rs.505 per share (including premium of Rs.495 per share) and 24,00,000 fully convertible warrants at issue price of Rs.505 per warrant aggregating Rs.210.70 crore. Entire proceeds pertaining to preferential equity shares amounting to Rs.89.50 crore and 25% proceeds pertaining to fully convertible warrants amounting Rs. 30.30 crores aggregating to Rs.119.80 crore have been received. The balance 75% was payable at the time of exercise of warrants within a period of 18 months from the date of allotment, i.e., on or before July 28, 2026. Since, the Company has not received the balance 75% consideration from the warrant holders within the stipulated timeline, accordingly, the outstanding warrants have lapsed upon expiry of the exercise period, i.e., on July 28, 2026.Consequently, with effect from July 29, 2026, the upfront subscription amount received at the time of allotment, being 25% of the issue price, amounting to ₹30,30,00,000/- (₹30.30 Crore) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.MoreLess
₹ crore. Checked by is the agency appointed to monitor how the money is used. The reason and the comments are the company's, its audit committee's and its auditors' own words.