Madhav Marbles and Granites Limited has submitted its mandatory compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 for the quarter ended March 31, 2026. The certificate was filed with both BSE Limited and National Stock Exchange of India Ltd on April 15, 2026, as part of the company's regulatory obligations.

Regulatory Compliance Details

The certificate was issued by Ankit Consultancy Pvt. Ltd., which serves as the company's Registrar and Transfer Agent. The compliance document confirms that all securities received from depository participants for dematerialization during the quarter ended March 31, 2026 were properly processed and confirmed to the depositories.

Certificate Confirmations

The compliance certificate provides specific confirmations regarding the company's dematerialization processes. Ankit Consultancy Pvt. Ltd. confirmed that securities received for dematerialization were accepted or rejected appropriately and that all securities comprised in the certificates have been listed on stock exchanges where the company's earlier issued securities are already listed.

Additionally, the certificate confirms that security certificates received for dematerialization have been mutilated and cancelled after due verification by the depository participant. The names of the depositories have been substituted in the register of members as the registered owner within the mandated 15-day timeframe.

Company Information

Madhav Marbles and Granites Limited operates with its registered office located at First Floor, "Mumal Towers", 16, Saheli Marg, Udaipur, Rajasthan. The company is listed on both BSE Limited (Scrip Code: 515093) and National Stock Exchange of India Ltd (Scrip Code: MADHAV).

The certificate was signed by Company Secretary Priyanka Manawat on behalf of Madhav Marbles and Granites Limited, while CS Saurabh Maheshwari signed as Compliance Officer for Ankit Consultancy Pvt. Ltd. This regulatory filing demonstrates the company's commitment to maintaining compliance with securities market regulations and ensuring proper handling of share dematerialization processes.

Madhav Marbles and Granites Limited has successfully concluded its board meeting held on March 25, 2026, with the approval of acquiring an additional 18.01% equity stake in its subsidiary company. The meeting, which commenced at 15:30 p.m. and concluded at 17:10 p.m., addressed the previously scheduled agenda regarding related party transactions.

Board Meeting Outcome

The Board of Directors has approved the acquisition of an additional 18.01% equity stake in Madhav Natural Stone Surfaces Private Limited (MNSSPL), an existing subsidiary of the company. This strategic decision will increase the company's shareholding from 81.99% to 100%, thereby making MNSSPL a wholly owned subsidiary.

Strategic Business Diversification

The acquisition aligns with the company's revised business strategy to diversify into the real estate sector. MNSSPL was originally incorporated on September 16, 2018, to set up an Engineered Stone Manufacturing Unit at Udaipur, Rajasthan, but the project could not materialize. The subsidiary will now act as a dedicated vehicle for the proposed real estate project.

Regulatory Compliance and Approvals

The proposed investment falls within related party transactions as MNSSPL is a subsidiary of the company. The company has obtained prior approval from the Audit Committee, ensuring the transaction is conducted on an arm's length basis. The acquisition is subject to execution of definitive agreements and necessary approvals.

Promoter group members Mr. Madhav Doshi and Mrs. Riddhima Doshi, who serve as Executive Directors, are also Directors in the subsidiary company, indicating promoter group interest in the transaction.

Future Business Objectives

The company intends to execute real estate projects on land owned by the subsidiary, leveraging existing land assets for focused execution, operational efficiency, and long-term value creation. The pricing for the share subscription will be determined based on the valuation of MNSSPL.

The notification was communicated to BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 30 of the Listing Regulations, and was digitally signed by Company Secretary Priyanka Manawat.