Pennar industries Limited has announced the resignation of Mr. P V Rao from his position as Non-Executive Non-Independent Director, effective April 11, 2026. The company disclosed this development in a regulatory filing dated April 10, 2026, in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resignation Details

Mr. P V Rao, holding Director Identification Number (DIN) 03157581, submitted his resignation letter on April 10, 2026, with the cessation taking effect from April 11, 2026. The resignation was attributed to unavoidable personal circumstances, with the company confirming that no other material reasons contributed to his departure.

Career Journey with Pennar Group

Mr. Rao's association with the Pennar Group spans over 18 years, beginning in January 2008 when he joined as Head and the first employee of Pennar Engineered Building Systems. Under his leadership and with support from colleagues and management, the division established the Pennar brand as a significant player in India's pre-engineered steel buildings market within a relatively short timeframe.

His executive leadership journey concluded in early 2021 when he stepped down from his role as Joint Managing Director of Pennar Industries, subsequently transitioning to his non-executive director position.

Regulatory Compliance

The resignation announcement was made through proper regulatory channels, with Company Secretary and Compliance Officer Mirza Mohammed Ali Baig (ACS 29058) handling the disclosure requirements. The company has committed to making the necessary filings, including Form DIR-12, with the Registrar of Companies within prescribed timelines.

In his resignation letter, Mr. Rao expressed gratitude to his fellow Board members and the management team for their support, cooperation, and camaraderie during his tenure. He conveyed confidence in the Pennar Group's continued growth and ability to achieve greater milestones in the years ahead.

Pennar Industries Limited has concluded its board meeting held on April 10, 2026, with significant decisions including approval of a substantial warrant issue, director appointments, and scheduling of an extraordinary general meeting.

Warrant Issue Approval

The board has approved the issuance of up to 30,00,000 convertible equity warrants to Pennar Holdings Private Limited, a promoter entity. The warrants are priced at ₹168 per warrant, representing a total issue size of ₹50,40,00,000.

Each warrant is convertible into one fully paid-up equity share of face value ₹5. The warrants can be exercised in one or more tranches during the 18-month period commencing from the date of allotment. An upfront payment equivalent to 25% of the total issue size will be called from the proposed allottee.

Shareholding Impact

The preferential issue will increase the promoter entity's shareholding in the company. Based on the BENPOS as of April 3, 2026, Pennar Holdings Private Limited currently holds 2,10,05,455 shares representing 15.57% of the company.

Board Changes and EGM Scheduling

The board has approved the re-appointment of Mr. RVS Ramakrishna as an Independent Director for a second consecutive term of five years effective June 4, 2026. Mr. Ramakrishna is a graduate in Chemical Technology from BITS Pilani and holds a PGDM from IIM Ahmedabad.

Simultaneously, the board noted the resignation of Mr. P V Rao as Non-Executive Non-Independent Director effective April 11, 2026, due to unavoidable personal circumstances.

The company has scheduled an Extraordinary General Meeting on May 8, 2026, through video conferencing to seek shareholder approval for the warrant issue. The cut-off date for determining eligible voting members has been fixed as April 30, 2026.

Regulatory Compliance

The warrant issue is being conducted under Section 42 and Section 62(1)(c) of the Companies Act, 2013, and Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The issuance is subject to regulatory and statutory approvals and shareholder approval through the proposed EGM.