Eastern Treads Limited held its 33rd Annual General Meeting on September 29, 2026, via video conferencing. The meeting focused on the adoption of standalone audited financial statements for the fiscal year ended March 31, 2026, and several directorial appointments.

The Board of Directors presented the annual report and financial performance for FY26. Mr. Devarajan Krishnan, Whole-Time Director and Chief Financial Officer, provided an overview of the company's financial metrics and discussed the current state of the trade industry. He also highlighted achievements during the 2025-26 financial year and offered insights into future prospects.

Key resolutions passed

The shareholders transacted on four ordinary business items outlined in the notice dated August 14, 2026:

Meeting proceedings and attendance

Mr. Navas Meeran, Chairman and Managing Director, chaired the meeting which commenced at 11:15 am. A total of 33 members attended the virtual session. The Company Secretary confirmed the presence of statutory, internal, and secretarial auditors, as well as the scrutinizer appointed by M/s. SEP & Associates.

Remote e-voting facilities were available from September 25, 2026, to September 28, 2026. An additional e-voting window remained open for 30 minutes after the conclusion of the AGM to accommodate live participants. The consolidated voting results and the Scrutinizer's Report are scheduled for publication within 48 hours on the company's website and stock exchange platforms.

Eastern Treads Limited has scheduled its 33rd Annual General Meeting (AGM) for Tuesday, September 29, 2026, at 11:00 am. The meeting will be conducted via Video Conference or Other Audio Visual Means (VC/OAVM). The company’s initial public offering (IPO) received 71.11 times oversubscription, driven primarily by strong retail demand. Trading commences on September 4, 2026.

AGM Agenda and Director Appointments

Shareholders will vote on several key resolutions during the AGM. The ordinary business includes adopting the standalone audited financial statements for FY26 and the reappointment of Mr. Naiju Joseph as a director.

Under special business, the board seeks approval for two significant appointments:

• Mr. Navas Meeran (DIN: 00128692) to be appointed as Managing Director for a term of five consecutive years, effective from February 14, 2026, to February 13, 2031. He will receive NIL remuneration.
• Mr. Karandeep Singh (DIN: 02203076) to be appointed as an Independent Director for a term of five years, effective from May 20, 2026, to May 19, 2031.

Mr. Meeran, currently the Chairman, brings over three decades of experience in the tyre retreading industry and spices business. Mr. Singh, a Chartered Accountant, has served as CFO at organizations including Flipkart and Tesco Business Services.

Subscription Breakdown

The following table details the subscription levels across different investor categories:

Allotment Details

The basis of allotment was finalized in consultation with the Bombay Stock Exchange (BSE). A total of 16,01,250 equity shares were allotted to 21,350 successful retail applicants. In the non-institutional category (₹2 lakh to ₹10 lakh), 2,28,750 shares were allotted to 217 applicants. For non-institutional bidders above ₹10 lakh, 4,57,500 shares were allotted to 435 applicants.

Qualified Institutional Bidders received 9,15,000 shares on a proportionate basis. This included 45,750 shares reserved for mutual funds and 8,69,250 shares for other QIBs. Anchor investors were allotted 13,72,500 shares, representing 60% of the QIB portion, at the issue price of ₹200 per share.

What the Numbers Show

Retail investors accounted for approximately 52.9% of the total funds raised (₹34,448.7 crore out of ₹65,065.8 crore), indicating significant grassroots participation despite the high subscription multiples in institutional categories. The concentration of bids at the cut-off price (47.71% of total demand) suggests strong conviction at the upper end of the price band.

Corporate Actions

The Board of Directors approved the allotment on September 2, 2026. Shares were uploaded for credit into beneficiary accounts on September 3, 2026. The company filed its listing application with both BSE and NSE on September 3, 2026, and received trading approval for commencement on September 4, 2026.

Additionally, the company scheduled its 33rd Annual General Meeting for Tuesday, September 29, 2026, at 11:00 am IST, to be held via Video Conferencing or Other Audio Visual Means. Proceeds from the pre-IPO placement have been utilized for general corporate purposes.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE500D01015/085bcc8c-f18a-4b80-a901-9bace7497ebd.pdf