JM Financial Asset Reconstruction Company Limited and Reliance Industries Limited reduced their combined stake in Alok Industries to 71.93%. The disclosure was made on September 3, 2026.

The reduction followed the sale of 15,25,00,000 equity shares by JMFARC in the open market between August 27, 2026, and September 3, 2026. Reliance’s holding remained unchanged at 40.01%.

Shareholding Pattern Changes

JMFARC, acting as trustee of the JMFARC–March 2018–Trust, sold its shares in two tranches. The first tranche of 10,75,00,000 shares (representing 2.16% of total voting capital) was sold up to September 1, 2026. The second tranche of 4,50,00,000 shares (0.91%) was sold on September 2 and September 3, 2026.

The total equity share capital of Alok Industries remained constant at 496,52,40,401 shares before and after the transaction. No warrants, convertible securities, or encumbered shares were involved in the sale.

Regulatory Disclosure

The disclosure was filed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. JMFARC is designated as a Person Acting in Concert (PAC) with Reliance Industries Limited. Although JMFARC is a PAC with the promoter group, the shareholding pattern lists it under the promoter group with an explanatory note due to regulatory formatting constraints.

What the Numbers Show

The combined promoter group stake fell from 75.00% to 71.93%, crossing below the three-quarter mark for the first time in this reporting period. While Reliance maintained its 40.01% stake, JMFARC’s reduction from 34.99% to 31.92% indicates a deliberate deleveraging or liquidity management strategy by the asset reconstruction trust, rather than a strategic shift by the primary promoter.

Alok Industries Limited shareholders approved the company’s audited financial statements for the fiscal year ended March 31, 2026, alongside several key governance resolutions during its Thirty-ninth Annual General Meeting (AGM) held on July 24, 2026. The meeting, conducted via video conferencing in compliance with Ministry of Corporate Affairs circulars and SEBI Listing Regulations, commenced at 1:00 p.m. IST and concluded at 1:55 p.m. IST. All ordinary and special business resolutions were passed with the requisite majority.

The proceedings were chaired by Chairman Shri A Siddharth. The Board noted that all directors were present except Shri Hemant Desai. Statutory Auditors and the Secretarial Auditor were also present at the meeting. Remote e-voting was available from 9:00 a.m. IST on July 20, 2026, to 5:00 p.m. IST on July 23, 2026. Shri Virendra Bhatt, Practicing Company Secretary (Membership No. 1157), served as the scrutiniser for electronic voting.

Key Resolutions Passed

Shareholders approved the following ordinary and special business items:

Governance Updates

The approval of Hemant Desai’s continuation as a non-executive director is notable, as it allows him to serve notwithstanding having attained the age of seventy-five years, subject to shareholder consent under the Companies Act, 2013. This resolution ensures continuity in the Board’s composition without immediate replacement.

Additionally, the Board appointed Rajbir Saini as the Manager of the Company, with shareholders approving the associated remuneration package. The cost auditor’s remuneration for the upcoming fiscal year ending March 31, 2027, was also ratified, ensuring compliance with statutory audit requirements for manufacturing costs.

What the Numbers Show

While the AGM focused primarily on governance and statutory approvals rather than detailed financial performance metrics, the adoption of the FY26 financial statements signals the completion of the audit cycle for the period ended March 31, 2026. The presence of both Statutory and Secretarial Auditors during the meeting underscores the company’s adherence to regulatory compliance frameworks mandated by SEBI Regulation 30. The seamless passage of all resolutions indicates strong shareholder alignment with the Board’s strategic and governance decisions for the coming year.