Ashapura Minechem shareholders approved two material related-party transactions through a postal ballot process that concluded on August 31, 2026. The resolutions concern agreements between the company’s UAE holding entity and two of its overseas subsidiaries.

The Board of Directors declared the results on August 31, 2026, following scrutiny by practicing company secretary Virendra Bhatt. The voting was conducted in compliance with Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations.

Voting Results

Shareholders voted overwhelmingly in favor of both ordinary resolutions. Promoters and the promoter group, holding 45,882,754 shares, were interested parties and abstained from voting as per regulatory requirements.

The first resolution approved transactions between Ashapura Holdings UAE FZE ('AHUF') and Ashapura Minex Resources SA ('MINEX'). The second covered transactions between AHUF and Societe Guineenne Des Mines De Fer SA ('SGMF').

Participation Breakdown

Institutional investors dominated the voting activity among non-promoter shareholders. Public institutions held 18,832,483 shares and cast 16,618,333 votes, representing an 88.24% turnout. All institutional votes were cast in favor of both resolutions.

Non-institutional public shareholders held 30,810,861 shares but participated at a lower rate, casting 337,635 votes (1.10% turnout). Approximately 97.74% of these votes supported the resolutions. A total of 2,245,734 votes from the promoter group were excluded from the count due to their interest in the agenda items.

Ashapura Minechem promoter Chetan Navnitlal Shah acquired 25,000 equity shares in the open market on August 27, 2026. The transaction increased his total holding to 66,77,767 shares, representing a 6.99% stake in the company.

The acquisition was disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing was submitted to the Bombay Stock Exchange and the National Stock Exchange of India on August 31, 2026.

Holding Details

Shah held 66,52,767 shares carrying voting rights prior to this transaction, which constituted 6.96% of the total share capital. The company’s total equity share capital remains at 9,55,26,098 shares with a face value of ₹2 each.

No warrants, convertible securities, or other instruments entitling the acquirer to receive shares were involved in the transaction. There were no encumbrances or pledges on the shares held by the promoter.