Mahan Industries Limited issued a corrigendum to its Extra Ordinary General Meeting (EGM) notice on August 3, 2026, following a query from BSE Limited dated July 29, 2026. The exchange advised the company to provide clarifications and additional disclosures regarding the proposed preferential issue of Equity Shares and Fully Convertible Warrants. The EGM is scheduled to be held on Saturday, August 15, 2026, at 11:00 A.M. at the company’s registered office in Ahmedabad. This development ensures regulatory compliance under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, before shareholders vote on the capital raise.

The preferential issue involves the allotment of 32,00,000 fully paid-up equity shares with a face value of ₹10 each at an issue price of ₹12 per share, aggregating up to ₹3,84,00,000. Additionally, the company proposes to allot 2,16,55,216 convertible warrants with a face value of ₹10 each at an issue price of ₹12 per warrant, aggregating up to ₹25,98,62,592. The equity shares represent 26% of the emerging voting share capital, triggering the obligation for an open offer under Regulations 3(1) and 4 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. A public announcement for the open offer was made on July 16, 2026.

The allotment is proposed to be made to both promoters and non-promoters. Shah Nishil Sanjaykumar and Niranjankumar Navratanmal Jain are the primary promoter allottees for equity shares, receiving 22,00,000 and 10,00,000 shares respectively. Other allottees, including members of the promoter group and various non-promoters such as GVP Infotech Limited and Kapadia Finwealth LLP, are receiving only convertible warrants. Post-preferential issue, assuming full conversion of warrants, the total shareholding will reflect significant changes in the promoter and non-promoter categories.

The shareholding pattern before the preferential issue shows promoters holding 1.16% of the equity shares, while non-promoters hold 98.84%. After the allotment of equity shares but before warrant conversion, promoters’ holding is expected to rise to 42.24%, and non-promoters’ holding will decrease to 57.76%. Upon full conversion of warrants, the promoter group’s holding is projected to reach 51.10%, while non-promoters will hold 48.90%. The convertible warrants do not form part of the emerging voting share capital as they will not be converted within four months from the completion of the open offer or within 18 months from allotment.

Shah Nishil Sanjaykumar and Niranjankumar Navratanmal Jain have expressed their intention to subscribe to the offer. Upon completion of the open offer process and allotment, they will be classified as promoters of Mahan Industries Limited, subject to statutory approvals. No other directors or key managerial personnel have shown intention to subscribe. The corrigendum forms an integral part of the EGM notice, and all other terms remain unchanged. The revised disclosures are available on the company’s website and circulated to registered members.

Mahan Industries Limited has launched 'Credit Mines', a new brand dedicated to digital financial services, marking its strategic expansion into the digital lending space. The platform enables customers across India to access personal loans and other credit products instantly through a fully digital, paperless, and presence-less process. This launch aims to diversify the company's revenue streams and expand its customer base by offering seamless credit access from home, utilizing advanced data analytics and India's public digital infrastructure.

The disclosure was made to BSE Limited on July 31, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para B of Part A of Schedule III. The filing also references SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company confirmed that all lending activities under 'Credit Mines' will comply with applicable laws, including the Reserve Bank of India's Guidelines on Digital Lending.

Platform Features and Process

'Credit Mines' operates as an end-to-end digital lending solution that leverages digital KYC, Video KYC, the account aggregator framework, and e-signing capabilities. The platform uses data analytics-based credit assessment models to evaluate eligibility in real time. Customers can complete the entire borrowing journey without visiting a branch or handling physical documentation.

The application process involves five key steps:

Currently, applications are accepted via the platform’s website, with a dedicated mobile application expected to be launched shortly.

Strategic Impact

Shah Nishil Sanjaykumar, Executive Director of Mahan Industries Limited, stated that the launch represents a significant milestone in building a technology-first financial services business. He emphasized that the platform provides a seamless borrowing experience designed to contribute meaningfully to the company’s next phase of growth. While the financial impact cannot be ascertained at this stage, the initiative is positioned to strengthen long-term growth prospects by tapping into India's rapidly growing digital lending ecosystem.

What the Numbers Show

The launch signals a pivot toward high-growth fintech segments for Mahan Industries Limited. By integrating the account aggregator framework and video KYC, the company aims to reduce operational friction and acquisition costs associated with traditional lending. The absence of disclosed financial metrics for this new venture suggests it is in the early adoption phase, with success dependent on user acquisition rates and credit underwriting performance in the coming quarters.