Bannari Amman Spinning Mills has notified the stock exchanges of an upcoming Board of Directors meeting, scheduled for Friday, May 29, 2026. The meeting has been convened, among other matters, to consider and approve the audited financial results of the company for the year ended March 31, 2026. The intimation was filed by the company's Company Secretary, N. Krishnaraj, on May 14, 2026.

Board Meeting Details

The following key matters are scheduled to be taken up at the Board meeting:

Dividend Consideration

The company has also informed the exchanges that the recommendation of dividend, if any, for the financial year 2025-2026 will be considered at the same Board meeting on May 29, 2026. No specific dividend amount or rate has been indicated at this stage.

Trading Window Closure

In line with applicable regulations, Bannari Amman Spinning Mills had previously communicated via letter reference BASML/SEC/1265/SE's/2025-26 dated March 23, 2026, that the trading window of the company would remain closed until the end of 48 hours after the declaration of the audited financial results for the year ended March 31, 2026. Accordingly, the trading window closure is in effect from April 1, 2026 to May 31, 2026 (both days inclusive).

The intimation was submitted to both the National Stock Exchange of India Limited and BSE Limited, as required under Regulation 30 of the applicable listing regulations.

Bannari Amman Spinning Mills has notified the stock exchanges of the impending forfeiture of convertible share warrants after three allottees — one promoter entity and two non-promoter individuals — failed to remit the balance subscription amount by the stipulated deadline. The company filed the intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, on May 4, 2026.

Background on the Warrant Issuance

The convertible share warrants in question were originally issued on November 4, 2024, and were convertible into equity shares within 18 months from the date of issue. The last date for making the balance payment was May 3, 2026. The allottees, however, did not make the requisite payment by this deadline, triggering the forfeiture process.

Allottees and Warrants Subject to Forfeiture

The following allottees have been identified as having failed to pay the balance subscription amount:

Regulatory Basis for Forfeiture

The forfeiture will be carried out in accordance with Regulation 169(3) of Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Additionally, the action is supported by a resolution passed by shareholders through a Postal Ballot on October 4, 2024. The matter is set to be placed before the forthcoming meeting of the Board of Directors, where the necessary resolution will be passed to formally forfeit the warrants.

Next Steps

The company has confirmed that the forfeiture will be formally ratified at the next Board of Directors meeting. The intimation was signed by N. Krishnaraj, Company Secretary, on behalf of Bannari Amman Spinning Mills, and submitted to both the National Stock Exchange of India Limited and BSE Limited.