Leo Dryfruits & Spices Trading has scheduled its Extraordinary General Meeting (EGM) for September 4, 2026, to secure shareholder approval for a preferential issue of Fully Convertible Warrants (FCWs) worth up to ₹38,50,00,000. The capital raise aims to fund working capital needs, business expansion, and strategic investments without altering the company's management control. Shareholders holding equity as of the August 28, 2026 cut-off date can exercise remote e-voting from September 1 to September 3, 2026.

The Board of Directors approved the issuance during its meeting on August 8, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company submitted the EGM notice to BSE Limited on August 12, 2026. The meeting will be conducted via Video Conferencing (VC) or Other Audio Visual Means (OAVM), with National Securities Depository Limited (NSDL) facilitating the e-voting process. Voting rights are determined by shareholding on the record date of August 28, 2026.

The issue comprises 70 lakh warrants at an issue price of ₹55 per warrant, determined based on a relevant date of August 5, 2026. This price exceeds the floor price of ₹53.1025, calculated as the 10-day volume-weighted average price (VWAP). Each warrant converts into one equity share with a face value of ₹10. Investors must pay 25% of the issue price at subscription, with the remaining 75% due upon conversion within 18 months. Unexercised warrants will lapse, and the upfront amount will be forfeited.

Promoters Kaushik Sobhagchand Shah and Ketan Sobhagchand Shah are subscribing to 12 lakh warrants each. Non-promoter investors, including Shree Ram Realities and Jignesh Jaswantrai Mehta, constitute the majority of the allotment. The equity shares arising from conversion will rank pari passu with existing shares and be subject to lock-in provisions under Chapter V of the SEBI ICDR Regulations. The company must complete allotment within 15 days of the special resolution or within extended periods permitted by regulators.

What the Numbers Show

The proposed issuance represents a significant capital infusion relative to the company’s current equity base. With pre-issue promoter holdings at 38.11%, the post-conversion stake is projected to dilute slightly to 37.04%, while public holding increases from 61.89% to 62.96%. This structure ensures no change in management control, aligning with SEBI takeover regulations. The issue price premium over the floor price suggests investor confidence in the company’s valuation, while the staggered payment terms (25% upfront, 75% on conversion) provide liquidity flexibility for subscribers while securing committed capital for Leo Dryfruits & Spices Trading.

Leo Dryfruits & Spices Trading Limited shareholders have approved the alteration of the company's Articles of Association to enable the issuance of warrants and convertible securities. The resolution was passed with 100% of votes in favour at an Extraordinary General Meeting (EGM) held on July 17, 2026, via video conferencing. This amendment allows the company to expand its capital-raising instruments by inserting new Article 15A into its regulatory framework.

The EGM commenced at 10:03 A.M. IST and concluded at 10:13 A.M. IST. The requisite quorum was present, and the meeting was chaired by Kaushik Sobhagchand Shah, Chairman and Managing Director. The Board appointed Mr. Ritul Parmar, Proprietor of M/s. Ritul Parmar & Associates, as the Scrutinizer to oversee the e-voting process.

Remote e-voting was facilitated through the National Securities Depository Limited (NSDL) platform. The voting process commenced on July 14, 2026, at 9:00 A.M. IST and concluded on July 16, 2026, at 5:00 P.M. IST. A total of 81,59,140 votes were polled, representing 45.60% of the outstanding shares.

Voting Results

The special resolution received the necessary approval from both promoter and public shareholder categories. There were no votes cast against the resolution, and no invalid votes were recorded.

The Scrutinizer's Report confirms that the resolution was passed with the requisite majority. The results have been submitted to BSE Limited and are available on the company's website.