Maha Rashtra Apex Corporation Limited has published newspaper advertisements pertaining to the basis of allotment for its rights issue of 1,40,91,896 equity shares, pursuant to Regulation 92(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"). The advertisement was published on Friday, May 08, 2026 in Financial Express (English national daily), Jansatta (Hindi national daily), and Vishwavani (regional language daily published at the place of the company's registered office). The intimation was filed with BSE Limited and National Stock Exchange of India Limited on May 09, 2026 by Jamsheed Minoo Panday, Company Secretary and Compliance Officer.

Rights Issue Overview

The rights issue comprised 1,40,91,896 equity shares of face value Rs. 10 each, issued at par (Rs. 10 per share), aggregating up to Rs. 14,09,18,960. The issue was offered in the ratio of 1 (one) rights equity share for every 1 (one) fully paid-up equity share held by existing equity shareholders on the record date of Friday, March 20, 2026. The subscription window opened on Thursday, April 02, 2026 and closed on Thursday, April 30, 2026, with the last date for on-market renunciation of Rights Entitlements being Friday, April 24, 2026.

Subscription and Allotment Details

The rights issue received strong investor response, with the total valid applications amounting to 504.12% of the issue size. Out of 2,679 total applications for 7,17,78,111 equity shares received through the Application Supported by Blocked Amount ("ASBA") process, 428 applications for 7,37,562 equity shares were rejected due to technical reasons. The total number of valid applications stood at 2,251 for 7,10,40,549 rights equity shares. The basis of allotment was finalised on Monday, May 04, 2026 in consultation with the Registrar to the Issue and BSE, the Designated Stock Exchange.

The following table summarises the applications received and allotment made across investor categories:

Basis of Allotment

The table below presents the category-wise breakdown of valid applications considered and shares allotted:

Capital Structure Changes

Consequent to the allotment, the paid-up equity share capital of the company has effectively doubled. The pre and post-issue share capital details are as follows:

Post-Allotment Timeline

Key post-allotment milestones and their respective dates are outlined below:

The rights equity shares allotted are expected to commence trading on BSE Limited and NSE Limited on or about Tuesday, May 12, 2026, under ISIN INE843B01013, the same as the existing equity shares. No physical shares were tendered in the rights issue. The allotment was approved by the Board of Directors at its meeting held on April 04, 2026, conducted in consultation with Purva Sharegistry India Limited as Registrar to the Issue.

Regulatory Compliance

The company has complied with the disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The newspaper publication was made pursuant to Regulation 92(1) of the SEBI ICDR Regulations. The Letter of Offer is available on the websites of BSE Limited, NSE Limited, Purva Sharegistry India Limited, and the company's official website at https://www.maharashtraapex.com/ .

Maha Rashtra Apex Corporation Limited has received a formal request for promoter reclassification under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed stock exchanges on April 10, 2026, about receiving the reclassification request from a promoter seeking to move from promoter category to public shareholder status.

Reclassification Request Details

The request was submitted by T Satish U Pai on April 09, 2026, seeking reclassification under Regulation 31A of SEBI LODR Regulations. The shareholding details of the requesting promoter are presented below:

Grounds for Reclassification

In his formal letter to Company Secretary Jamsheed M Panday, T Satish U Pai outlined several grounds supporting his reclassification request. He stated that he does not exercise any control over company affairs, either directly or indirectly, and is not involved in company management in any capacity. The promoter emphasized that he holds no special rights through shareholders' agreements and is not represented on the Board of Directors or serving as Key Managerial Personnel.

Pai referenced his minimal shareholding of 120 equity shares as reflected in the company's annual report for FY 2024-25 and the latest shareholding pattern as of December 31, 2025. He argued that such limited shareholding does not confer control, management rights, or ability to influence company affairs.

Regulatory Compliance Framework

The reclassification request falls under Regulation 31A of SEBI LODR Regulations, which provides a framework for reclassifying promoter/promoter group entities as public shareholders. The regulation requires fulfillment of prescribed conditions including absence of control, minimal shareholding, and non-involvement in management.

Pai cited multiple regulatory provisions supporting his case:

• Section 2(69) of the Companies Act, 2013 defining "promoter"
• Regulation 31A(3)(b) of SEBI LODR Regulations for reclassification eligibility
• Regulation 2(1)(oo) and 2(1)(pp) of SEBI ICDR Regulations defining "promoter" and "promoter group"

Company's Response and Next Steps

Maha Rashtra Apex Corporation confirmed it will undertake necessary steps in compliance with Regulation 31A of the Listing Regulations. The company stated that the reclassification request will be considered by the Board of Directors in their next board meeting.

The promoter has requested the company to complete several actions within 15 days of receiving his letter, including placing the request before the Board of Directors, making requisite applications to stock exchanges, informing applicable regulators including RBI, and making accurate corrective disclosures in shareholding patterns.

Regulatory Intimation

The company's intimation to BSE Limited and National Stock Exchange of India Limited was made in compliance with Regulation 31A(8) of SEBI LODR Regulations, 2015. The notification included the copy of the request letter received from the promoter as an attachment to the formal communication.