Hittco Tools Limited has completed a significant preferential allotment and announced major board changes following a board meeting held on 28th March, 2026. The company successfully raised ₹61,94,400 through the allotment of equity shares while implementing key leadership transitions, as disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Preferential Allotment Details

The board approved the allotment of 4,45,000 equity shares of ₹10 each at a price of ₹13.92 per share, including a premium of ₹3.92 per share. The allotment was made to both promoters and non-promoters on a preferential basis, following shareholder approval and in-principle approval from BSE vide letter no. LOD/PREF/MV/FIP/1900/2025-26 dated March 17, 2026.

The allotment resulted in an increase of the company's paid-up equity share capital from 61,59,848 shares to 66,04,847 shares, with the post-allotment paid-up capital standing at ₹6,48,10,470. The newly issued equity shares will rank pari-passu with existing fully paid-up equity shares.

Allottee Distribution

The preferential allotment was distributed between promoter and non-promoter categories with two allottees:

Shareholding Changes

Following the allotment, significant changes occurred in shareholding patterns:

Board Leadership Changes

The company witnessed significant board changes with two key resignations and one appointment. Mr. Rajeev Shantilal Desai resigned from his position as Independent Director, citing other professional commitments and pre-occupations. Similarly, Mr. Rajeev Gobindram Hassanand stepped down from his role as Chairman due to personal commitments.

New Chairman Profile

Surendra Bhandari has been appointed as the new Chairman of the company. He brings extensive experience as a seasoned finance professional with over 50 years in corporate finance, accounting, taxation, treasury management, investor relations, risk management, and compliance. His expertise spans strategic financial planning, implementing internal control systems, and ensuring regulatory compliance under the Companies Act, 2013, and SEBI regulations. He is disclosed as father and grandfather of existing directors.

The board meeting commenced at 11:00 AM and concluded at 3:15 PM on 28th March, 2026, at the company's registered office in Bangalore. These developments reflect the company's continued focus on strengthening its capital base while ensuring effective governance through experienced leadership.

HITTCO TOOLS LIMITED has scheduled a board meeting for March 28, 2026, to consider the allotment of equity shares following its recent BSE approval for a preferential issue. The company announced the meeting date after securing in-principle approval from BSE Limited for issuing shares to selected investors on a preferential basis.

Board Meeting Details and Agenda

The board meeting is scheduled for Saturday, March 28, 2026, at 11:00 AM at the company's registered office. The primary agenda includes consideration and approval of the share allotment process:

The meeting will address the allotment of 4,45,000 equity shares of face value ₹10 each at an issue price of ₹13.92 per share, including a premium of ₹3.92, on a preferential basis to proposed allottees.

BSE Approval and Share Specifications

BSE Limited had earlier granted approval through letter no. LOD/PREF/MV/FIP/1900/2025-26 dated March 17, 2026. The approval encompasses specific share parameters that will be formalized during the upcoming board meeting:

Trading Window Closure and Compliance

In accordance with the company's Code of Conduct for Prevention of Insider Trading, the trading window for dealing in HITTCO TOOLS LIMITED securities will remain closed during the meeting period. The window will reopen 48 hours after the declaration of the meeting outcome, ensuring compliance with insider trading regulations.

The company must fulfill comprehensive regulatory compliance requirements outlined by BSE, including adherence to the Companies Act 2013, Securities Contracts Regulation Act 1956, and various SEBI regulations. BSE has emphasized that the in-principle approval should not be construed as approval for listing of the securities, requiring separate compliance for listing requirements.

Post-Meeting Obligations

Following the board meeting and allotment approval, HITTCO TOOLS LIMITED must submit a listing application within twenty days from the allotment date, as specified in SEBI regulations. The company must also ensure that proposed allottees provide undertakings confirming they will not engage in intra-day trading in the company's scrip before allotment and will not make any sales until the allotment date.