Mini Diamonds (India) Ltd has allotted 1.11 crore convertible warrants to its promoter and promoter group entities via a preferential issue on private placement basis. The allotment, approved by the Board of Directors on October 13, 2026, was executed at a price of ₹8 per warrant.

The company received a subscription amount of ₹2.22 crore, representing 25% of the total warrant issue price. Each warrant is convertible into one fully paid-up equity share with a face value of ₹2. The remaining 75% of the issue price is payable upon conversion.

Allotment details

The warrants were issued to two key individuals within the promoter group: Upendra Narottamdas Shah, the Managing Director, and Ronish U Shah, an Executive Director. Both received an equal number of warrants.

Conversion terms and regulatory compliance

The warrant holders are entitled to exercise their warrants in one or more tranches at any time within 18 months from the date of allotment. To convert the warrants into equity shares, holders must pay the remaining 75% of the warrant issue price for each proposed conversion.

This action follows earlier disclosures made on July 9, 2026, and August 10, 2026, regarding the issuance of warrants. The allotment complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Mini Diamonds (India) Ltd shareholders unanimously approved all five resolutions passed at the 39th Annual General Meeting (AGM) held on September 30, 2026. The meeting, conducted at the company's registered office in Mumbai, saw strong support for key governance matters, including the re-appointment of Chairman and Managing Director Upendra Narottamdas Shah.

The voting results indicate high shareholder alignment with management decisions. For ordinary resolutions regarding financial statements and director re-appointment, votes in favour exceeded 99.99%. Special resolutions also passed with overwhelming majority, satisfying the requisite three-fourths majority threshold.

Voting Results Summary

The company disclosed detailed voting outcomes for each agenda item. The total number of shareholders on the record date was 14,408. Voting was conducted via remote e-voting and electronic voting at the meeting.

Key Governance Approvals

Two significant governance resolutions pertained to Mr. Upendra Narottamdas Shah. The first involved his re-appointment as a director liable to retire by rotation. The second, a special resolution, authorized his continuation as Chairman and Managing Director upon completion of tenure, along with approval for remuneration.

In both cases, public non-institutional shareholders cast the vast majority of votes. For the special resolution on his CMD role, 42,032,873 votes were cast in favour against just 116 votes against. Promoter group members voted entirely in favour across all items.

Procedural Compliance

The AGM was held in physical mode at DW-9020, Bharat Diamond Bourse, Bandra Kurla Complex, Mumbai. Remote e-voting facilities were provided through Purva Sharegistry (India) Private Limited. The scrutinizer's report confirmed no invalid votes were recorded during the process. The meeting concluded within ten minutes, from 10:00 am to 10:10 am.