Pavna Industries Limited has announced that its board of directors will meet on Thursday, May 28, 2026. The meeting is convened pursuant to Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Agenda for the Meeting

The board will consider and approve the audited financial results for the quarter and year ended March 31, 2026. These results will include both standalone and consolidated financial statements. Additionally, the directors may discuss any other matter that may come up before the board.

Trading Window Closure

The company has informed the exchanges that the trading window closure period commenced on April 01, 2026. This closure period will remain in effect until 48 hours after the declaration of the audited financial results for the quarter and year ended March 31, 2026.

Key Meeting Details

Pavna Industries Limited has filed its Monitoring Agency (MA) Report for the quarter ended March 31, 2026, with BSE Limited and the National Stock Exchange of India Limited. The report, prepared by CARE Ratings Limited under Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertains to the company's preferential issue of equity shares and fully convertible warrants aggregating to Rs. 210.70 crore. The Monitoring Agency Agreement between the company and CARE Ratings Limited is dated October 04, 2024.

Issue Overview

The preferential issue, allotted on January 29, 2025, comprised 17,72,200 equity shares and 24,00,000 fully convertible warrants, both at an issue price of Rs. 505 per share/warrant (including a premium of Rs. 495 per share). The key details of the issue are summarised below:

Fund Utilisation as at March 31, 2026

As of March 31, 2026, the company has received Rs. 119.80 crore of the total issue proceeds. This comprises the entire proceeds from preferential equity shares amounting to Rs. 89.50 crore and 25% of proceeds from share warrants amounting to Rs. 30.30 crore. The balance 75% from warrant holders, aggregating to Rs. 90.90 crore, is to be received in tranches within 18 months from the date of allotment. The company has utilised Rs. 119.81 crore, funded through issue proceeds of Rs. 119.80 crore and the balance Rs. 0.01 crore from interest income on fixed deposits.

The progress in utilisation across individual objects is detailed below:

Cost of Objects

The original cost of objects, as per the Shareholders' Resolution dated October 23, 2024, stood at Rs. 322.03 crore. This was subsequently revised to Rs. 210.70 crore as per the Board Resolution dated January 29, 2025. The revised cost breakdown is as follows:

Key Observations by Monitoring Agency

CARE Ratings confirmed that all fund utilisation is in accordance with the objectives stated in the Board Resolution dated January 29, 2025. No material deviations were observed when compared to the previous MA report for Q3FY26. The monitoring agency also noted the following:

• The current market share price stood at ₹21 per share as on April 22, 2026 (post share split effective from September 01, 2025), as compared to the conversion price of ₹505 per warrant (post-split equivalent conversion price: ₹50.50 per equity share).
• Till March 31, 2026, the company has received 25% of proceeds from warrants, while the balance 75% is to be raised in tranches within 18 months from the date of allotment (i.e., January 29, 2025).
• One of the stated objects — Strategic Acquisitions — has not yet been identified as of the reporting date.
• No amount was utilised towards General Corporate Purpose (GCP) during Q4FY26.
• An unutilised fund of Rs. 0.34 crore remains in the monitoring account with ICICI Bank, pertaining to interest income received on fixed deposits.

Implementation Timeline

The delay in implementation of objects is assessed as follows:

The Chartered Accountant certificate for this report was received from Arun Varshney & Associates (Statutory Auditor) dated April 15, 2026. The report was signed by Punit Singhania, Associate Director at CARE Ratings Limited, and submitted to the company's Board of Directors on May 13, 2026.