Kalind Limited shareholders approved the audited standalone and consolidated financial statements for FY26 during the Annual General Meeting held on September 29, 2026. The meeting also sanctioned a preferential issue of equity shares and the appointment of new statutory auditors.

The virtual meeting, conducted via Video Conferencing/Other Audio Visual Means, commenced at 12:30 pm and concluded by 12:40 pm. Remote e-voting facilities were available from September 26 to September 28, 2026. All resolutions passed with the requisite majority through combined remote e-voting and venue voting.

Key resolutions passed

The following ordinary and special resolutions were adopted by the members:

Governance and audit updates

The company appointed M/s. P H H A D & Co. LLP (formerly M/s. D G K T & Co LLP), Chartered Accountants, as its statutory auditors. Ms. Riddhi Shah, a practising company secretary, was appointed as the secretarial auditor. Additionally, Ayush Dharmendrabhai Jasani’s designation was changed to Managing Director via a special resolution.

The preferential issue of equity shares was approved under a special resolution, indicating potential capital restructuring or fundraising activities for the company.

Voting results and attendance details

The 32nd Annual General Meeting saw participation from 36 shareholders through Video Conferencing, representing 92,887,990 shares, which is 10.16% of the total share capital. The promoters and promoter group held 92,274,805 shares (10.09% of capital), while public shareholders present held 613,185 shares (0.07% of capital).

Voting outcomes for the key resolutions are summarized below:

Note: For the Director Re-appointment and Change in MD Designation, votes cast by interested parties (Promoters) were excluded from the calculation.

What the numbers show

The voting data reveals a significant concentration of voting power among promoters, who cast nearly all valid votes for non-conflicted resolutions. For instance, in the adoption of financial statements, promoters voted 92,274,805 shares in favour, while public non-institutional investors voted only 807,242 shares. This disparity highlights that shareholder approval for major corporate actions like the preferential issue is heavily driven by promoter consensus, with minimal dissent from the broader public float.

Kalind Limited has issued a corrigendum to its 32nd Annual General Meeting (AGM) notice, withdrawing the proposed preferential issue of warrants and replacing it with a fresh equity share allotment worth up to ₹98.99 crore. The Board of Directors finalized this restructuring during its meeting on September 17, 2026.

The company notified the Department of Corporate Services at BSE under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. This disclosure supersedes earlier intimations dated August 20 and August 28, 2026, which had outlined the initial proposal for issuing warrants. The AGM is scheduled for September 29, 2026.

Restructuring the Fund Raise

The Board withdrew the entire proposal for the preferential issue of up to 27.48 crore warrants, fully convertible into equity shares, at an issue price of ₹11.50 per warrant. That earlier plan, approved on August 28, 2026, sought to raise up to ₹316.02 crore. Instead, the company will now issue equity shares directly.

The new proposal involves the allotment of up to 8,60,86,956 fully paid-up equity shares with a face value of ₹2 each. The issue price is set at ₹11.50 per share, including a premium of ₹9.50. This pricing is based on the floor price determined as on the relevant date of August 28, 2026, in accordance with SEBI ICDR Regulations. An independent valuation report by Mr. Suman Kumar Verma confirmed a minimum price of ₹11.39 per share, justifying the ₹11.50 issue price.

Proposed Allottees

The equity shares will be allotted on a preferential basis to three non-promoter entities. The allocation details are as follows:

Utilization of Proceeds

The company plans to utilize the proceeds towards capital expenditure for energy and manufacturing businesses, including renewable energy, power infrastructure, textile, and diamond manufacturing. Approximately ₹90 crore is allocated for this purpose, with the remaining ₹8.99 crore designated for working capital requirements. All funds are expected to be utilized within 24 months.

Shareholding Pattern Impact

The post-issue shareholding pattern assumes full subscription by the proposed allottees. Promoter holding will dilute from 13.56% to 12.39%, while public holding will increase from 86.44% to 87.61%. The total number of equity shares will rise from 9.14 crore to 10.00 crore.

Regulatory Approvals and Lock-in

The proposed equity shares will rank pari passu with existing shares and be listed on BSE Limited subject to approvals. The allottees, being non-promoters, must lock in their securities for six months from the date of trading approval granted by the stock exchange, as per Regulation 167 of the SEBI ICDR Regulations. BSE has sought certain clarifications regarding the proposed issue.

Next Steps

The Board has authorized management to issue a corrigendum to the Notice of the Annual General Meeting scheduled for September 29, 2026. The corrigendum withdraws the agenda item regarding the warrant issue and inserts a new special resolution for the preferential equity issue. Ayush Jasani, Vice Chairman and Managing Director (DIN: 09842741), signed the intimation.