Key Corp Limited has secured board approval for a rights issue to raise capital of up to ₹15 crore. The Board of Directors approved the proposal during its meeting held on Thursday, August 20, 2026. The issuance will involve fully paid-up equity shares with a face value of ₹10 each, offered to eligible equity shareholders as on a record date to be determined later.

Approval Details

The company constituted a Rights Issue Committee to oversee the process. This committee is authorized to decide critical terms including the issue price, rights entitlement ratio, timing of the issue, and appointment of intermediaries. The final number of securities and the specific issue price will be determined after the committee finalizes the terms.

Regulatory Compliance

The approval was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The issuance will adhere to the Companies Act, 2013, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company also referenced SEBI Master Circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, regarding the disclosure requirements.

Key Corp members approved five special resolutions through a postal ballot conducted via remote e-voting, with results declared on August 19, 2026. The approvals pave the way for the appointment of two new independent directors, Yogesh Yashpaul Chadha and Devesh Srivastava, effective July 15, 2026, and expand the company's financial flexibility through enhanced borrowing limits.

The voting process ran from July 20, 2026, to August 18, 2026. A total of 4,148,281 votes were polled out of 6,000,000 outstanding shares, representing a 69.13% turnout. All five resolutions passed with overwhelming support, receiving 99.99% affirmative votes overall.

Director Appointments

The company disclosed that Mr. Yogesh Yashpaul Chadha (DIN: 01681680) and Mr. Devesh Srivastava (DIN: 08646006) have been appointed as Independent Directors with effect from July 15, 2026. Both directors will serve for a term of five consecutive years, commencing from July 15, 2026, to July 14, 2031.

Mr. Chadha is a Chartered Accountant with 37 years of professional experience in the financial services industry. He has held senior CXO positions at institutions such as HSBC, JP Morgan Chase, and DCB Bank. Currently, he serves as an Independent Director at Sharekhan Limited and Mirae Asset Financial Services (India), among others.

Mr. Srivastava brings extensive experience from the insurance sector, having served as the former Chairman & Managing Director of General Insurance Corporation of India - GIC Re. He holds a post-graduate degree in Management from MDI Gurgaon and has previously chaired the boards of GIC Re and GIC Housing Finance Ltd. He is currently the Chairman of Liberty General Insurance, India.

Neither director is related to any existing directors of the company, nor are they debarred from holding office by any SEBI order or other authority.

Other Resolutions Approved

In addition to the director appointments, the postal ballot approved:

• Borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
• Authorization to create security via charge, mortgage, or hypothecation under Section 180(1)(a) of the Companies Act, 2013.
• Alteration of the object clause in the Memorandum of Association.

Voting Breakdown

Promoter and promoter group shareholders held 4,144,519 shares and voted unanimously in favor of all resolutions. Public non-institutional shareholders polled 3,762 votes, with 98.86% voting in favor. No institutional public shareholders participated in the vote.

What the Numbers Show

The voting data reveals a distinct participation gap between promoter and public shareholders. While promoters cast 100% of their eligible votes, public non-institutional shareholders showed a participation rate of just 0.20%. Despite this low engagement from the retail base, dissenting votes were minimal, with only 43 votes cast against the resolutions, all originating from the public non-institutional segment.

Ankit Dhanotia of ADJ & Associates served as the scrutinizer for the process. The company has filed the requisite disclosures with BSE Limited as per Regulation 44(3) of the SEBI Listing Regulations and Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.