Prima Innovation Limited held its second Annual General Meeting (AGM) on September 23, 2026, via Video Conferencing. Shareholders approved the standalone financial statements for FY26, ratified the appointment of a new director, and confirmed the secretarial auditor for the next five years.

The meeting, conducted under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, saw the adoption of the Board’s report and audited accounts for the fiscal year ended March 31, 2026. The Statutory Auditors’ report contained no qualifications or adverse remarks affecting the company's functioning.

Voting results and resolution details

The company disclosed detailed voting results under Regulation 44(3). A total of 6,447,946 votes were polled across all resolutions, representing 58.62% of the total outstanding shares. The promoter group held 6,411,794 shares and voted 6,409,845 shares in remote e-voting, while public non-institutional shareholders voted 38,101 shares.

All three ordinary resolutions passed with overwhelming support. For the adoption of FY26 financial statements, 99.99% of votes polled were in favour, with only 856 votes against. Similarly, the re-appointment of Dilip Manharlal Parekh as a Director liable to retire by rotation received 99.99% assent votes.

The ratification of M/s P. Diwan & Associates as Secretarial Auditors also secured 99.99% votes in favour. Pursuant to this approval, the firm will serve as Secretarial Auditor for a term of five consecutive years commencing from FY27 to FY31. This appointment was initially approved by the Board of Directors on April 20, 2026.

Meeting proceedings and attendance

Executive Chairperson Pratik B. Parekh addressed shareholders, providing a brief summary of the company’s demerger process and financial performance for FY26. He also outlined future prospects during the Q&A session. Remote e-voting was available from September 20 to September 22, 2026, with additional voting facilities open during the meeting.

The scrutinizer's report noted that 7379 shareholders were on record as of the cut-off date of September 16, 2026. During the AGM, 7 promoter group members and 42 public shareholders attended via Video Conferencing. No institutional public shareholders participated in the voting process.

Prima Innovation Limited disclosed an inter-se transfer of 4,06,530 equity shares, representing 3.70% of its total share capital, from Mrs. Madhavi Dilip Parekh to Mr. Dilip Manharlal Parekh. The transaction was executed by way of gift on September 7, 2026.

The move consolidates individual holdings within the promoter group without altering the aggregate stake of the promoters and their promoters' associated companies (PACs). The company confirmed that the total shareholding of the Promoter and Promoter Group remains constant at 58.29% both before and after the transaction.

Transaction Details

The acquisition falls under the exemption provided in Regulation 10(1)(a)(i) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which covers inter-se transfers between qualifying persons. Consequently, no open offer is required.

Additionally, the transaction was reported under Regulation 4(1) and Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure was made pursuant to proviso (i) to Regulation 4(1), confirming the off-market nature of the transfer. The company filed the necessary disclosures with the Bombay Stock Exchange (BSE) on September 7, 2026. Prior to this filing, Prima Innovation had issued an intimation under Regulation 10(5) on August 29, 2026. The transfer involves no monetary consideration.

Shareholding Structure Impact

Mr. Dilip Manharlal Parekh, the acquirer, increased his individual stake from 28.03% to 31.73%. Conversely, Mrs. Madhavi Dilip Parekh’s holding reduced from 3.70% to 0.00%. Other members of the promoter group, including Bhaskar Manharlal Parekh and Chhaya Bhaskar Parekh, retained their existing stakes.

What the Numbers Show

The data indicates a consolidation of voting rights within the immediate family structure of the promoter group. While the aggregate control remains static at 58.29%, the shift increases Mr. Dilip Manharlal Parekh’s individual decision-making power relative to other PACs, whose stakes remain unchanged. This structural adjustment does not impact the public float or the overall promoter block size.