Hind Rectifiers Limited has initiated a postal ballot process to seek shareholder approval for changing its corporate name to Hirect Limited and increasing its authorised share capital to ₹30 crore. The remote e-voting period commences on June 11, 2026, at 9:00 a.m. and concludes on July 10, 2026, at 5:00 p.m. These resolutions require shareholder consent to amend the Memorandum of Association under the Companies Act, 2013 and SEBI Listing Regulations.

The board approved the proposal to alter the capital clause, increasing the authorised share capital from ₹10 crore, divided into 5 crore equity shares of ₹2 each, to ₹30 crore, divided into 15 crore equity shares of ₹2 each. Additionally, the company seeks approval to increase borrowing limits to ₹600 crore and create mortgages or charges on movable and immovable properties to secure these borrowings.

Postal Ballot Resolutions

The postal ballot notice outlines four key resolutions requiring member approval:

Capital Structure and Borrowing

The proposed capital increase aims to broaden the capital structure and meet future funding requirements. The company also proposes to supersede the previous borrowing limit of ₹400 crore, approved on January 4, 2025, raising the aggregate limit to ₹600 crore. This includes the authority to pledge, mortgage, or hypothecate assets to secure loans from financial institutions and banks.

Voting Process

Mr. Mahesh Soni of M/s GMJ & Associates has been appointed as the scrutinizer for the postal ballot process. The cut-off date for determining shareholder eligibility is June 5, 2026. The results of the e-voting will be announced on or before July 12, 2026, on the company's website.

Hind Rectifiers Limited has allotted 10,86,366 equity warrants on a preferential basis to Tata Mutual Fund (Small Cap Fund) for an aggregate consideration of ₹100 crores. The allotment was conducted at an issue price of ₹920.50 per warrant, which includes a premium of ₹918.50 per warrant. The warrants are convertible into an equivalent number of equity shares of the company.

The intimation regarding the allotment was made to the National Stock Exchange and BSE Limited on June 9, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This issuance follows a Postal Ballot Notice dated May 16, 2026.

Key Parameters of the Preferential Allotment

The following table details the key parameters of the preferential allotment:

Clarifications on Deployment of Unutilized Funds

In response to observations raised by the stock exchanges regarding the application for the preferential issue, the company provided clarifications on the deployment of unutilized funds. The company had initially proposed to temporarily park unutilized proceeds in interest-bearing deposits with scheduled commercial banks, high-quality liquid mutual funds, and money market instruments.

However, pursuant to a query from the NSE, the company stated that investing in high-quality liquid mutual funds is not permissible. Consequently, Hind Rectifiers has omitted this mode of investment from its proposed deployment plan for unutilized funds. The remaining options, such as interest-bearing deposits and money market instruments, will be utilized in accordance with the company's investment policy and applicable laws.