Pipan Oils Limited has filed an application with BSE Limited to reclassify Raconteur Granite Limited from the promoter and promoter group category to the public category. The application, submitted on June 2, 2026, follows a Board meeting on May 28, 2026, which approved the request under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This move alters the company's shareholding structure as the entity transitions from a controlling stakeholder to a public shareholder.

Raconteur Granite Limited holds 5,00,000 equity shares in Pipan Oils Limited, representing a 2.85% stake in the company. The Board confirmed that the entity and related persons do not exercise control over the company's affairs or management. The reclassification is contingent upon approval from BSE Limited and other regulatory authorities.

The approval follows compliance checks with Regulation 31A(3)(b) and 31A(3)(c) of the SEBI regulations. The Board verified that the collective holding of the applicant and related persons is less than 10% of the total voting rights. Additionally, the entity confirmed it holds no special rights, is not represented on the Board, and does not act as Key Managerial Personnel.

Pipan Oils Limited confirmed it meets the minimum public shareholding requirements under Regulation 38 of the SEBI LODR Regulations. The company stated that trading in its equity shares has not been suspended by any stock exchange and that there are no outstanding dues to SEBI, stock exchanges, or depositories. Raconteur Granite has undertaken not to seek board representation or act as Key Managerial Personnel for three years from the date of shareholder approval.

Muskan, Company Secretary and Compliance Officer of Pipan Oils Limited, intimated the stock exchanges regarding the filing on June 3, 2026. The company will now await the necessary approvals to effect the reclassification.

Pipan Oils Ltd reported a net loss of ₹206.76 lakh for the financial year ended March 31, 2026, following a board meeting on May 28, 2026. The company recorded a net loss of ₹190.00 lakh for the quarter ended March 31, 2026. The board approved the audited standalone financial results, which received an unmodified opinion from statutory auditor Singhi Chugh & Kumar. The results were published in the Financial Express and Jansatta on May 30, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company reported no revenue from operations for the quarter and year ended March 31, 2026. Total income for the year stood at ₹12.28 lakh, comprising other income. Total expenses for the year increased to ₹85.80 lakh from ₹16.71 lakh in the previous year. The basic and diluted earnings per share (EPS) for the year were a loss of ₹1.37.

Strategic Agreements and Approvals

The board approved an assignment agreement with M/s Tvisha Corporate Advisors LLP, effective from March 31, 2026. This agreement involves the assignment of receivables amounting to ₹1.48 crore and payables of ₹1.26 crore, primarily relating to the period prior to the management transfer on August 22, 2025. The company stated this transaction is purely financial and strategic and will not impact management or control.

Additionally, the board approved a farm-in agreement with a consortium comprising M/s Ramayna Ispat Pvt Ltd, M/s Duggar Fiber Pvt Ltd, M/s BDN Enterprises Pvt Ltd, and M/s Mahendra Infratech Pvt Ltd. Pipan Oils will acquire a 90% participating interest in the Dipling Cluster – DSF – 2016 Block. The company agreed to pay a Sellers Revenue Share of 7.5% of total revenue from production and a lump sum consideration of ₹13.10 crore for physical assets transferred by the seller consortium. These entities are related parties where the director or promoter has a common interest, and the transaction was conducted at arm's length.

Governance and Reclassification

The board approved the reclassification of M/s Raconteur Granite Limited from the promoter group to the public category. The shareholder holds 5,00,000 equity shares, representing a 2.85% stake. This reclassification is subject to no-objection or approval from the stock exchanges.

The trading window for dealing in the company's securities, which had been closed since April 1, 2026, will reopen 48 hours after the financial results are made public.