Shivalik Rasayan Limited disclosed that Ginnerup Capital ApS has increased its stake in the company to 5.34% of the total diluted share capital following the acquisition of warrants on September 14, 2026.

The acquisition involved 3,99,990 fully convertible warrants, each convertible into an equal number of equity shares. This transaction was executed through a preferential allotment by the target company, bringing Ginnerup Capital's total holdings, including existing shares and new warrants, to 9,06,540 instruments.

Regulatory Disclosure Details

The disclosure was filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that Ginnerup Capital ApS does not belong to the promoter or promoter group. The acquirer is based in Denmark, with Kim Ginnerup signing as the authorised signatory.

Prior to this acquisition, Ginnerup Capital held 5,06,550 equity shares carrying voting rights, representing 3.22% of the total voting capital. The new warrant acquisition adds a potential 2.36% to its diluted capital exposure.

Holding Structure Before and After Acquisition

The table below outlines the change in Ginnerup Capital's position in Shivalik Rasayan Limited:

What the Numbers Show

A key observation from the disclosure is the slight dilution in Ginnerup Capital's immediate voting power despite the increase in total instrument count. The percentage of total voting capital held dropped from 3.22% to 3.16% after the acquisition. This occurs because the preferential allotment of warrants increases the company's total diluted share capital base, even though the warrants themselves do not carry voting rights until converted into equity shares. Consequently, while the absolute number of instruments held nearly doubles, the immediate influence on voting rights decreases marginally due to the expanded denominator of total shares outstanding.

Shivalik Rasayan Limited convened its 48th Annual General Meeting on September 28, 2026, at Hotel Saffron Leaf in Dehradun, Uttarakhand. The meeting addressed shareholder resolutions including the declaration of a 10% final dividend on equity shares for FY26 and the approval of enhanced borrowing powers.

The proceedings were presided over by Chairman Rahul Bishnoi, with Vice-Chairman Suresh Kumar Singh and Independent Director Sham Goel in attendance. Company Secretary Parul Choudhary managed the meeting formalities, confirming that the requisite quorum was present. The notice of the meeting was taken as read, and members were informed about the availability of statutory registers for inspection.

Resolutions tabled for approval

The Board proposed several ordinary and special resolutions for shareholder consideration. These covered financial statement adoption, director re-appointments, and operational authorizations. The specific items discussed are outlined below:

Voting process and outcome

Remote e-voting facilities were available from September 25 to September 27, 2026. Members present at the meeting who had not voted remotely were given the opportunity to cast their votes during the session. Manoj Kumar Jain of AMJ & Associates served as the scrutinizer to supervise the e-voting process.

The consolidated results of voting, combining remote e-voting and votes cast at the meeting, have not yet been declared. The company stated that these results will be communicated to stock exchanges and published on its website upon receipt of the combined scrutinizer's report. The meeting concluded with a vote of thanks to the chairman after addressing member queries regarding industry outlook and company performance.