Manoj Ceramic sets Oct 15 EGM to convert 2.5 lakh promoter NCRPS into CCPS
- Manoj Ceramic schedules EGM for October 15, 2026, to convert 2.5 lakh promoter-held NCRPS into CCPS
- Conversion aims to prevent liquidity crunch from redeeming preference shares issued in 2019 and 2020
- CCPS convertible into equity at ₹100 per share within 18 months; promoters' stake rises to 54.2%
- Remote e-voting runs from October 12 to October 14, 2026, with cut-off date on October 8
*this image is generated using AI for illustrative purposes only.
Manoj Ceramic has scheduled an Extra-Ordinary General Meeting (EGM) for October 15, 2026, to approve the conversion of 2,50,000 Non-Cumulative Redeemable Preference Shares (NCRPS) held by promoters into Compulsory Convertible Preference Shares (CCPS). The Board approved the move on September 16, 2026, citing the need to avoid a liquidity crunch associated with redeeming the preference shares.
Conversion Details
The company will vary the terms of its existing 15% Non-Cumulative Redeemable Preference Shares into 15% Compulsory Convertible Preference Shares. The total issuance involves 2,50,000 shares held by the promoter group, split across two allotments originally made in 2019 and 2020.
| Shareholder | Category | NCRPS Held | CCPS to be Issued | Equity Shares on Conversion |
|---|---|---|---|---|
| Manoj Dharamshi Rakhasiya | Promoter and Promoter Group | 2,30,000 | 2,30,000 | 2,30,000 |
| Dhruv Manoj Rakhasiya | Promoter and Promoter Group | 20,000 | 20,000 | 20,000 |
| Total | 2,50,000 | 2,50,000 | 2,50,000 |
The CCPS will be issued at a face value of ₹100 each. They are convertible into equity shares of face value ₹10 each at a price of ₹100 per share, including a premium of ₹90. The conversion must occur within 18 months from the date of allotment. The "Relevant Date" for determining the floor price was September 15, 2026, with the 90-day volume-weighted average price at ₹90.59 and the 10-day average at ₹83.65.
Capital Structure Impact
Post-conversion, the promoter and promoter group’s holding will rise from 73,72,800 shares (53.4%) to 76,22,800 shares (54.2%). The public shareholding will remain at 64,34,200 shares but decrease proportionally to 45.8%. The conversion is expected to alleviate cash outflow pressures linked to the redemption of the original NCRPS, which were issued on a rights basis aggregating to ₹2.50 crore.
EGM and Voting Schedule
The EGM will be held via Video Conferencing/Other Audio-Visual Means on October 15, 2026, at 12:30 pm. The cut-off date for determining voting eligibility is October 8, 2026. Remote e-voting will commence on October 12, 2026, at 9:00 am and end on October 14, 2026, at 5:00 pm. M/s Rawal & Co., Company Secretary, has been appointed as the scrutinizer for the remote e-voting process. The trading window for insiders remains closed until 48 hours after the board meeting concludes.
Historical Stock Returns for Manoj Ceramic
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.57% | -3.41% | 0.0% | +18.03% | -34.78% | -7.57% |
How will the dilution of public shareholding to 45.8% impact Manoj Ceramic's listing compliance with SEBI's minimum public holding requirements?
What are the implications for minority shareholders regarding the conversion price premium of ₹90 per share relative to the recent volume-weighted average price?
Will the conversion of these preference shares into equity alter the company's debt-to-equity ratio and overall leverage metrics in the upcoming financial reports?
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