Bal Pharma Limited held its 39th Annual General Meeting (AGM) on September 24, 2026, via video conferencing. Shareholders approved all agenda items, including a dividend declaration of ₹1.20 per equity share for FY26 and significant changes to the board's executive structure.

The meeting commenced at 11:30 am and concluded by 11:55 am. Mr. Shailesh Siroya, Managing Director, chaired the session. The statutory auditors, M/s. S S J N B & Co., and the secretarial auditor issued unmodified opinions for the financial year ended March 31, 2026. The quorum was met with 58 members participating through electronic means.

Key resolutions passed

The following ordinary and special business items were transacted:

Board composition changes

Two special resolutions altered the roles of key directors. Mr. Ravindra Kumar Kothari, who previously served as a Non-Executive Director, will now assume the role of Whole-Time Director. Conversely, Mr. Himesh Virupakshaya transitioned from Whole-Time Director to Non-Executive Director. These changes reflect a shift in operational leadership responsibilities within the company.

Governance and compliance

The company confirmed that voting results and the scrutinizer’s report would be submitted to stock exchanges within two working days. No shareholder questions were raised during the open forum, despite four registered speakers. The meeting adhered to SEBI Listing Regulations and Companies Act, 2013 provisions regarding virtual meetings.

Bal Pharma Limited has confirmed the allotment of 10,00,000 convertible warrants to its promoter, Shailesh Siroya, on a preferential basis. The transaction values at ₹8.4 crore, with each warrant issued at ₹84.

The Board of Directors approved the allotment on September 7, 2026, following shareholder approval via postal ballot on August 8, 2026. The company has received an initial subscription amount of ₹2.1 crore, representing 25% of the total consideration.

Deal Structure and Conversion Terms

Each warrant is convertible into one fully paid-up equity share of face value ₹10 at a premium of ₹74 per share. The warrant holder may exercise this right in one or more tranches during an 18-month period commencing from the date of allotment.

Upon exercise, the remaining 75% of the consideration must be paid before the last date of conversion. The resulting equity shares will rank pari passu with existing shares and will be listed on BSE Limited and National Stock Exchange of India Limited.

Promoter Holding Impact

The preferential issuance does not immediately alter the paid-up equity capital since securities allotted are warrants, not equity shares. However, if fully converted, Mr. Siroya’s stake would rise from 17.24% to 20.89%.

Unexercised warrants will lapse after the 18-month window, with amounts paid forfeited as per approved terms.