HLE Glascoat Limited appointed Amit Kalra as Chief Financial Officer effective September 25, 2026. The appointment was approved by the Board of Directors during a meeting held on the same date.

Kalra will serve as a Key Managerial Personnel under Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This role involves determining the materiality of events or transactions for mandatory disclosures to stock exchanges.

Professional background and experience

Kalra holds academic degrees in Engineering from India and Germany, along with an MBA from ESSEC Mannheim Business School. His professional profile highlights approximately 22 years of experience in corporate transformation, cross-border business integration, and large-scale P&L management across India and Europe.

Prior to this role, he served at HLE Glascoat Limited in active governance, business strategy, and P&L oversight for the company and its European subsidiaries. His financial and technical foundation includes a tenure of over nine years with the Hilti Group, where he held positions as Chief Financial Officer (India) and global Business Unit Controller in Liechtenstein.

Previous industrial roles

Kalra’s career includes significant industrial project execution and technology transfer management. Key previous engagements include:

• Umicore AG: Delivered complex greenfield and brownfield industrial expansion projects over a period of approximately four and a half years.
• Qimonda Dresden: Managed international technology transfers.
• CS Clean Systems AG: Worked as a Chemical Engineer focusing on process optimization.

Board meeting details

The Board Meeting commenced at 2:30 pm and concluded at 3:45 pm. The Company Secretary and Compliance Officer, Achal S. Thakkar, confirmed the outcome of the meeting to BSE Limited and National Stock Exchange of India Ltd under Regulation 30 of the SEBI (LODR) Regulations, 2015.

Promoter group member Aalap Nilesh Patel has acquired a 10.00% stake in HLE Glascoat Limited through an inter-se transfer of shares by way of gift from his father, Nilesh Khushalbhai Patel.

The acquisition involves 69,45,474 equity shares transferred between immediate relatives within the promoter group. The transaction was executed on September 10, 2026, and disclosed to stock exchanges on September 11, 2026, under Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Transaction Details

The share transfer occurred between qualifying persons who are immediate relatives. No encumbrances, pledges, or liens were reported on the acquired shares. The acquisition was exempted from making an open offer under Regulation 10(1)(a)(i) of the Takeover Regulations.

Post-Transaction Holding

Following the acquisition, Aalap Nilesh Patel’s total holding in HLE Glascoat Limited increased to 78,89,639 equity shares, representing 11.36% of the total voting capital. This is an increase from his pre-acquisition holding of 9,44,165 shares (1.36%).

Conversely, Nilesh Khushalbhai Patel’s holding decreased from 1,72,06,114 shares (24.77%) to 1,02,60,640 shares (14.77%).

Promoter Group Shareholding

The total shareholding of the promoter and promoter group remains unchanged at 4,55,89,060 shares, representing 65.65% of the total share capital. The company’s total equity share capital remains at 6,94,54,739 equity shares of ₹2 each.

What the Numbers Show

The internal restructuring consolidates voting power with Aalap Nilesh Patel while reducing the individual holding of Nilesh Khushalbhai Patel. However, since both parties are part of the same promoter group acting in concert, the effective control and total promoter stake in HLE Glascoat Limited remain static at 65.65%. This indicates no change in the overall ownership structure or control dynamics of the company.