Saakshi Medtech and Panels Limited has informed the exchanges regarding the resignation of Mr. Vishvas Vinayak Palande from its Board of Directors. The resignation is effective from May 20, 2026. Mr. Palande, who served as a Non-Executive Independent Director, cited an increase in occupancy in his professional commitments and personal reasons as the basis for his decision.

Following his resignation, Mr. Palande has ceased to be a member of key board committees. He is no longer part of the Audit Committee, the Nomination & Remuneration Committee, the Stakeholder Relationship Committee, and the Corporate Social Responsibility Committee of the company.

The Board has placed on record its appreciation for the valuable contribution and guidance provided by Mr. Palande during his tenure. He confirmed that there are no material reasons for his resignation other than those disclosed in his resignation letter.

Resignation Details

The company provided specific disclosures regarding the cessation of the directorship in its regulatory filing.

Saakshi Medtech & Panels has scheduled an Extraordinary General Meeting (EOGM) on June 2, 2026, at 3:00 p.m. via Video Conferencing to seek shareholder approval for increasing its authorised share capital and issuing equity shares on a preferential basis. The preferential issue involves a share swap to acquire a 34.41% equity stake in Laxmi Engineering Industries Bhopal Pvt Ltd for a total consideration of INR 41.87 crore.

Authorised Share Capital Increase

The board proposes to increase the authorised share capital from Rs. 18,00,00,000 divided into 1,80,00,000 equity shares to Rs. 25,00,00,000 divided into 2,50,00,000 equity shares of Rs. 10 each. This alteration requires a consequential change to the Capital Clause of the Memorandum of Association and is subject to member approval via an ordinary resolution.

Preferential Issue and Acquisition Details

The company plans to issue 20,22,940 fully paid-up equity shares at a price of Rs. 207 per share (including a premium of Rs. 197) to the shareholders of Laxmi Engineering Industries Bhopal Pvt Ltd. The consideration is other than cash, specifically a swap of shares, wherein Saakshi Medtech will acquire 23,92,850 equity shares representing 34.41% of the target company. The relevant date for determining the pricing formula was April 30, 2026.

Proposed Allottees

The issue is open to 51 non-promoter allottees who are shareholders of the target company. Notable allottees include Pratham Prasoon, Naresh Saraaf, Praful Kumar, and Snehal Bhupendra Shah. Post-issue, these shareholders will hold significant stakes in Saakshi Medtech, with Pratham Prasoon holding 1.20% and Naresh Saraaf holding 0.74%.

About Laxmi Engineering Industries

Laxmi Engineering Industries Bhopal Pvt Ltd (LEI) is an engineering company engaged in the design and manufacturing of heat transfer equipment. Its product portfolio includes shell and tube heat exchangers, air-cooled heat exchangers, and pressure vessels used in power, oil & gas, and chemical sectors. The company, established in 1987 and converted to a private limited company in 2007, counts BHEL, NTPC, and L&T among its clients. Its turnover for the provisional year 2025-26 was Rs. 20.29 crore.

The acquisition is described as a strategic investment to expand Saakshi Medtech's presence in the broader engineering ecosystem. The EOGM also includes the appointment of M/s. Jay Pandya & Associates as the Scrutinizer for the e-voting process.