Ramkrishna Forgings shareholders approved the reclassification of Maa Chandi Financial Advisory Services Private Limited from the promoter group to the public category. The ordinary resolution passed on September 21, 2026, via postal ballot under Section 110 of the Companies Act, 2013.

The entity, formerly known as Ramkrishna Rail and Infrastructure Private Limited, holds 65,00,000 shares, representing 3.57% of the company’s total equity capital. The move shifts this stake out of the promoter group classification.

Voting Breakdown

The voting exercise ran from August 21, 2026, to September 19, 2026. A total of 519 members representing 114,997,957 equity shares cast valid votes through e-voting facilitated by KFin Technologies Limited.

Promoter and Promoter Group shareholders voted unanimously in favor. They held 79,044,606 shares as on the cut-off date of August 14, 2026, and polled 72,532,864 votes, representing 91.76% of their outstanding shares.

Public shareholders showed strong support, though institutional investors recorded a notable dissent. Non-institutional public shareholders voted 99.96% in favor, while institutional public shareholders voted 69.93% in favor, with 30.07% voting against the resolution.

What the Numbers Show

The divergence in voting behavior between institutional and non-institutional public shareholders is significant. While retail and non-institutional investors backed the reclassification almost unanimously (99.96%), institutional investors opposed the move by a margin of 30.07%. This suggests potential differences in how various stakeholder groups view the implications of shifting Maa Chandi Financial Advisory Services out of the promoter group category.

Procedural Details

MKB & Associates, acting as the scrutinizer, certified that the resolution was passed with the requisite majority. The company dispatched the postal ballot notice electronically on August 20, 2026, to all members registered as on the cut-off date. The e-voting facility was unlocked in the presence of two witnesses after the voting period concluded.

Rajesh Mundhra, Company Secretary and Compliance Officer of Ramkrishna Forgings, confirmed the results. The complete voting results and scrutinizer’s report are available on the company’s website.

Ramkrishna Forgings received an Environmental, Social and Governance (ESG) rating of 61.26 from Niche Ninety-Nine Capability and Certifications (OPC) Private Limited.

The rating agency voluntarily reviewed the company’s ESG performance using publicly available information. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Rating Details

Niche Ninety-Nine assigned the score independently, without engagement from the company for the assessment process. Ramkrishna Forgings confirmed it did not engage ESG Risk Assessments & Insights Limited for this rating.

The company received the rating information on September 17, 2026, at approximately 6:52 pm. The disclosure was filed with both the National Stock Exchange and BSE Limited on September 18, 2026.

Regulatory Compliance

The filing serves as a mandatory compliance disclosure under SEBI listing norms. The information has been uploaded to the company’s website for investor access.