Leo Dryfruits & Spices Trading Limited board of directors approved a fresh preferential issue of up to 70,00,000 fully convertible warrants at an issue price of ₹60 per warrant, aggregating to ₹42 crore.

The decision, taken during the meeting held on October 16, 2026, supersedes an earlier proposal for warrants priced at ₹55 per unit. The company stated that no application for in-principle approval was made to BSE Limited for the earlier issue, no warrants were allotted, and no subscription money was received under that plan. The new issue is subject to shareholder approval via an Extraordinary General Meeting (EGM) and regulatory clearances.

Pricing and floor price determination

The issue price of ₹60 per warrant includes a premium of ₹50 on the face value of ₹10 per equity share. This price was determined based on the relevant date of October 15, 2026. The floor price was calculated as ₹59.36, which is the higher of two values: the Ten Trading Days Volume Weighted Average Price (VWAP) of ₹59.36 and the valuation report value of ₹53.45.

The Ninety Trading Day VWAP preceding the relevant date stood at ₹58.20. The valuation report was issued by Mr. Priyesh Somaiya, a registered valuer, in compliance with SEBI ICDR Regulations.

Allottee details and dilution

The warrants will be allotted to nine proposed allottees belonging to the Public (Non-Promoter) category. None of the promoters or members of the promoter group are participating in this issue. The table below outlines the subscription details for key allottees.

Assuming exercise of all warrants on a post-issue fully diluted share capital of 2,48,91,440 equity shares.

Utilization of proceeds

The company plans to utilize the funds raised within 24 months from the date of allotment. The allocation of proceeds is structured as follows:

• Working capital requirements: ₹36 crore
• General corporate purposes: ₹6 crore

Each warrant entitles the holder to subscribe to one fully paid-up equity share upon conversion. The conversion must occur within 18 months from the date of allotment. At least 25% of the issue price (₹15 per warrant) is payable on allotment, with the remaining 75% (₹45 per warrant) due at the time of exercise. If warrants are not exercised, they lapse, and the amount paid stands forfeited.

What the numbers show

The fresh issue price of ₹60 represents a 12.7% premium over the discontinued proposal's price of ₹55. This adjustment aligns closely with the recent market performance, as the Ten Trading Day VWAP of ₹59.36 serves as the primary benchmark for the new floor price, indicating that the revised pricing reflects current market valuations more accurately than the previous offer.

Leo Dryfruits & Spices Trading Limited held its 7th Annual General Meeting (AGM) on September 29, 2026, via Video Conferencing. All seven resolutions proposed in the notice dated August 27, 2026, were duly passed by the members with the requisite majority.

The meeting was conducted in accordance with Ministry of Corporate Affairs and SEBI circulars. Mr. Ritul Parmar, proprietor of M/s. Ritul Parmar & Associates, served as the Scrutinizer. The voting process was managed through the e-voting platform provided by National Securities Depository Limited (NSDL).

Voting Participation and Quorum

The company had a total of 546 shareholders as of the cut-off date for voting purposes. The attendance record indicates that no shareholders attended in person or through proxy. Instead, participation occurred exclusively through Video Conferencing.

Resolutions Passed

The ordinary business resolutions covered the adoption of financial statements and director re-appointments. The special business resolutions addressed remuneration changes and related party transactions. In all instances, the votes cast in favor exceeded those against.

Ordinary Business

1. Adoption of Standalone Financial Statements: Approved for FY26.
2. Adoption of Consolidated Financial Statements: Approved for FY26.
3. Director Re-appointment: Mr. Jenish Ketan Shah was re-appointed following retirement by rotation.
4. Final Dividend Declaration: Approved for FY26.

Special Business

5. Re-appointment of Whole Time Director: Mr. Ketan Sobhagchand Shah was re-appointed.
6. Remuneration Variation: Variation in remuneration for Mr. Kaushik Sobhagchand Shah, Managing Director, was approved.
7. Related Party Transactions: Approval granted for material transactions with M/S J Ketankumar Co.

What the Numbers Show

A distinct pattern emerged in the voting behavior for the special business items involving promoter interests. For Resolutions 5, 6, and 7, which concerned the re-appointment of Mr. Ketan Sobhagchand Shah, variation in remuneration for Mr. Kaushik Sobhagchand Shah, and related party transactions, the promoters abstained from voting.

Mr. Ketan Sobhagchand Shah and Mr. Kaushik Sobhagchand Shah collectively hold 44,03,630 equity shares. Their abstention meant that these shares were not counted in the valid vote tally for these specific resolutions. Consequently, the voting results for these items relied entirely on public non-institutional shareholders, who cast 35,62,620 votes in favor with zero opposition. This highlights a governance structure where promoter interests are explicitly excluded from voting on matters where they are directly interested, ensuring the outcome reflects independent shareholder sentiment.