Onida Electronics Limited has revised its post-issue shareholding pattern for a preferential issue of warrants to include the impact of Employee Stock Options (ESOPs) that were inadvertently omitted in the earlier disclosure. The company also submitted a valuation report dated May 16, 2026, obtained voluntarily from Mr. Bhavesh M. Rathod, a Registered Valuer, to determine the fair value of equity shares proposed to be allotted upon conversion of the warrants. The revised disclosures were submitted to the exchanges in response to a requirement letter from the National Stock Exchange of India Limited.

The correction affects the shareholding pattern detailed in the Notice convening the Extraordinary General Meeting dated May 16, 2026. The company stated that the impact of ESOPs already granted was not considered while computing the post-issue shareholding pattern on a fully diluted basis. Consequently, the revised figures in Annexure A, B, and C reflect the fully diluted shareholding pattern after accounting for these options. The preferential issue involves the conversion of Convertible Equity Share Warrants into 1,87,49,993 equity shares.

The revised shareholding pattern indicates that the total Promoter & Promoter Group Holding will decrease from 40.51% to 35.70% on a post-issue basis. The total number of shares held by promoters will remain constant at 14,96,51,769, but their percentage stake will dilute due to the increase in the total equity capital of the company. Conversely, the Total Public Shareholding is set to increase from 59.49% to 64.30%, with the total number of public shares rising to 26,95,21,530.

Shareholding Allocation

The preferential issue will see the allotment of shares to thirteen identified proposed allottees, including public individuals, LLPs, HUFs, and a Foreign Portfolio Investor (FPI). The largest allocation is to Nexta Enterprises LLP, which will receive 42,61,363 shares, representing 1.02% of the post-issue capital. Resonance Opportunities Fund, an FPI, will receive 28,40,909 shares, accounting for 0.68% of the capital.

The company confirmed that there will be no change in the composition of the Board nor any change in the control and management of the company consequent to the proposed preferential issue. The total post-preferential issue capital of the company will stand at 41,91,73,299 shares. The valuation report and the revised shareholding pattern have been submitted to comply with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Onida Electronics Ltd has restructured its top leadership with the appointment of Gunjan Srivastava as Chief Executive Officer and Additional & Managing Director, effective July 04, 2026. The Board of Directors also approved the grant of 12,50,000 Employee Stock Options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023. These leadership changes and the ESOP grant are subject to the approval of the Members of the Company.

Board Approvals and Key Appointments

The Board approved the appointment of Mr. Jayesh Gandhi (DIN: 00221855) as an Additional Director (Independent Director) for a consecutive term of five years. Mr. Gandhi is a Fellow Chartered Accountant with over four decades of experience in audit, assurance, and corporate governance. He has previously served on the boards of companies such as Sanofi Pharma and ICICI Home Finance.

Mr. Gunjan Srivastava (DIN: 06396248), who has been serving as the Chief Executive Officer since February 01, 2026, was appointed as the Chief Executive Officer and Additional & Managing Director. He brings over 33 years of experience across global consumer and technology-led brands, having previously led BSH Home Appliances UK & Ireland.

Management Restructuring

The Board approved a change in designation for Mr. Kaval Mirchandani (DIN: 01179978) from Managing Director to Whole-time Director, effective July 04, 2026. Mr. Mirchandani will continue to serve for the remainder of his existing term.

Mr. Shirish Suvagia (DIN: 10095690) resigned from the positions of Whole Time Director and Chief Financial Officer effective from the close of business hours on July 03, 2026. The Board recorded its appreciation for his contributions.

To fill the vacancy, the Board appointed Mr. Manish Desai (DIN: 09740266) as the Chief Financial Officer and Key Managerial Personnel. He was also appointed as an Additional Director and Whole-time Director for a period of three years, effective July 04, 2026.

Employee Stock Options Grant

The Board approved the grant of 12,50,000 Employee Stock Options to eligible employees under the MIRC Electronics Employee Stock Option Plan, 2023. Each option is convertible into one equity share of Re. 1/- each. The exercise price will be a 30% discount of the closing share price on June 25, 2026, but not lower than the exercise price for options granted on May 20, 2026.