CWD Limited shareholders unanimously approved all five resolutions proposed at its 10th Annual General Meeting (AGM) held on September 30, 2026. The meeting, conducted via video conferencing, saw a total of 14,979,700 votes polled in favor of the agenda items with zero votes against.

The approvals included the adoption of audited standalone and consolidated financial statements for FY26, alongside the reappointment of key leadership figures. Mr. S. Siddhartha Xavier and Mr. Tejas Kothari were reappointed as Joint Managing Directors, while Mr. Pravin Bansilal Kharwa was reappointed as a Non-executive Independent Director. The shareholders also approved transactions with related parties under SEBI regulations.

Voting participation and turnout

The AGM recorded a total voting turnout of 66.87% of outstanding shares. Promoters and promoter group members cast 13,052,700 votes, representing nearly 100% of their holding. Public non-institutional investors participated significantly less, casting 1,927,000 votes, which accounted for approximately 20.61% of their total holding.

Resolution details

The five ordinary and special resolutions passed during the meeting covered statutory compliances and governance matters. The scrutinizer’s report confirmed that there were no invalid votes across any category.

• Adoption of Financial Statements: Shareholders approved the audited standalone and consolidated financial statements for the financial year ended March 31, 2026.
• Director Reappointments: Mr. S. Siddhartha Xavier (DIN: 03166884) and Mr. Tejas Kothari (DIN: 01308288) were reappointed as Joint Managing Directors upon retirement by rotation. Mr. Pravin Bansilal Kharwa (DIN: 09113005) was reappointed as Non-executive Independent Director.
• Related Party Transactions: Approval was granted for transactions with related parties in compliance with the Companies Act, 2013, and SEBI Listing Regulations.

What the numbers show

A distinct divergence exists between promoter engagement and public shareholder participation. While promoters voted on nearly 100% of their holdings, public non-institutional shareholders voted on only 20.61% of their shares. This disparity highlights that the outcome of the AGM was overwhelmingly determined by the promoter group, which held 58.27% of the total shares polled compared to the public's 12.88% share of the total votes cast.

CWD Limited equity shares commence trading on the National Stock Exchange and Bombay Stock Exchange on September 8, 2026, following a book-building initial public offering that was subscribed 30.84 times. The company received listing approval from both exchanges after finalizing the basis of allotment in consultation with the BSE on September 4, 2026.

The offer price was finalized at ₹177 per equity share. Anchor investors were allocated 7,791,789 shares out of a demand for 9,743,580 shares from 14 investors, including domestic mutual funds and pension funds. The anchor portion represented 60% of the Qualified Institutional Buyers (QIB) portion of the offer.

Subscription Details

The IPO attracted strong interest across all investor categories. Retail individual bidders applied for 174,931,764 shares, subscribing to their reserved portion 19.24 times. Non-institutional bidders showed significant demand, with the segment for applications above ₹1 million subscribing 128.14 times. The QIB portion (excluding anchors) was subscribed 36.39 times.

Allotment Breakdown

The board approved the allotment of shares to successful applicants on September 4, 2026. Shares were credited to beneficiary accounts on September 7, 2026, subject to validation by depositories. Unsuccessful applicants had funds unblocked and refunded through the Application Supported by Blocked Amount (ASBA) process.

What the Numbers Show

Demand concentration was heavily skewed toward the upper end of the pricing spectrum. Of the total 824,794,572 shares demanded across all bid prices, 79.65% of bids were placed exactly at the cut-off price of ₹177. Only 0.02% of bids were placed at the lowest price point of ₹168, indicating minimal price sensitivity among bidders who were willing to pay the maximum offered rate.