Manoj Ceramic Ltd shareholders approved two special resolutions to convert existing non-cumulative redeemable preference shares into compulsorily convertible preference shares (CCPS) during an Extra-ordinary General Meeting (EGM) held on October 15, 2026.

The meeting, conducted via Video Conferencing and Other Audio Visual Means, saw the approval of converting 2,50,000 shares in aggregate. These shares carry a face value of ₹100 each and a fixed dividend rate of 15%. The resolutions involved varying the terms and rights of the existing instruments to facilitate this structural change.

Meeting proceedings and attendance

The EGM commenced at 12:30 pm and concluded at 12:43 pm. Mr. Dhruv Rakhasiya, Managing Director, served as the Chairperson for the session. A total of eight members participated in the meeting through the virtual platform, ensuring the requisite quorum was present throughout the proceedings.

The Board of Directors was represented by key management personnel, including Executive Directors Mr. Manoj Dharamshi Rakhasiya and Mr. Aakash Manoj Rakhasiya, Non-Executive Director Mrs. Anjana Manoj Rakhasiya, and Independent Director Mr. Chandrashekar Shivalingappa Payannavar. Mr. Pankaj Shantilal Rakhasiya, Chief Financial Officer, also attended virtually to brief members on financial terms.

Resolutions approved

Shareholders voted to approve the variation in terms and rights for two distinct tranches of preference shares. Both resolutions required special majority approval and were passed successfully.

Mr. Pankaj Shantilal Rakhasiya provided a briefing on the financial terms and basis of pricing associated with the proposed variation and conversion. The company utilized the e-voting platform provided by PURVA, with remote voting available from October 12, 2026, to October 14, 2026.

What the numbers show

The approval covers a total nominal value of ₹2.5 crore (2,50,000 shares × ₹100). By converting from redeemable to compulsorily convertible status, the company shifts these instruments from debt-like obligations to equity-like capital upon conversion. This change eliminates the future cash outflow requirement for redemption, potentially strengthening the balance sheet's long-term capital structure while maintaining the 15% dividend yield for holders until conversion occurs.

Voting results will be disseminated to BSE Limited and published on the company website within two working days of the meeting's conclusion.

Manoj Ceramic has closed its trading window for dealing in equity shares effective October 1, 2026. This closure is in preparation for the Board of Directors' meeting to consider and declare the unaudited financial results for the half year ending September 30, 2026.

Regulatory Compliance and Timeline

The company stated that the trading window is closed for all Directors, Designated Persons, and connected persons. This action is taken pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, as amended, and the Company's Policy for Prohibition of Insider Trading.

The trading window will reopen at the expiry of forty-eight hours after the declaration of the unaudited financial results for the half year ending on September 30, 2026. The specific date of the Board Meeting for this consideration will be intimated in due course.

Key Details

This procedural step ensures compliance with insider trading norms during the sensitive period preceding the release of financial performance data for the first half of the fiscal year.