Shardul Securities Limited shareholders have approved the buyback of up to 1.92 crore equity shares at ₹60 per share, with a total consideration not exceeding ₹115.20 crore.

The approval was granted via special resolution at the Annual General Meeting held on September 25, 2026. The company fixed October 8, 2026, as the record date for determining shareholder eligibility for this tender offer process.

Buyback Structure and Financial Impact

The company intends to repurchase fully paid-up equity shares with a face value of ₹2 each. This transaction excludes transaction costs such as brokerage, filing fees, legal advisor fees, and applicable taxes. The buyback represents 24.92% of the total paid-up equity share capital and 14.16% of free reserves (including securities premium account) as per standalone audited financial statements as at March 31, 2026.

The funds for this corporate action will be sourced from the company's free reserves or other permitted sources under the SEBI (Buy-Back of Securities) Regulations, 2018. The process will be executed through a tender offer using the stock exchange mechanism.

Key Buyback Parameters

Regulatory Compliance and Timeline

The buyback proposal received Board approval on August 12, 2026, followed by shareholder approval on September 25, 2026. The company communicated the record date intimation to BSE Limited on September 30, 2026. The resolution complies with Sections 68, 69, and 70 of the Companies Act, 2013, and relevant SEBI regulations.

The buyback period commences from the date of the shareholders' resolution until the last date on which payment for bought-back shares is made. Promoters, members of the promoter group, and persons acting in concert are eligible to tender their shares on a proportionate basis.

Shardul Securities Limited held its 41st Annual General Meeting on September 25, 2026, via video conferencing, passing all three resolutions with 100% votes in favour on votes polled, including a special resolution approving the buyback of equity shares.

The meeting was chaired by Mr. Devesh Chaturvedi, Non-Executive Director and Chairman, with Ms. Daya Bhalia, Company Secretary, managing administrative aspects. The company's statutory auditors, M/s. Akkad Mehta & Co LLP, Chartered Accountants, presented reports on standalone and consolidated financial statements for the year ended March 31, 2026, with no qualifications, reservations, or adverse remarks. A total of 7,085 shareholders were on record as of the cut-off date of September 18, 2026. Of these, 9 promoter and promoter group members and 155 public shareholders participated through video conferencing.

Resolutions passed

The AGM addressed both ordinary and special business items. The following resolutions were considered and passed:

Based on the scrutinizer's report, 2 ordinary resolutions and 1 special resolution as set out in Item Nos. 1 to 3 of the notice of the AGM dated August 12, 2026 were passed with the requisite majority.

Voting results

Remote e-voting was facilitated by MUFG Intime India Private Limited and was open from 9:00 am on September 22, 2026 to 5:00 pm on September 24, 2026. Members who did not vote remotely were provided e-voting facilities during the AGM itself. A total of 148 members cast their votes through remote e-voting, while 10 members voted through e-voting at the AGM.

The consolidated voting results across all three resolutions were identical, as detailed below:

The above voting pattern applied uniformly to all three resolutions: adoption of financial statements, re-appointment of Mr. Devesh Chaturvedi, and approval for the buyback of equity shares.

Scrutinizer's report and compliance

Mr. Dhirendra Maurya, Practising Company Secretary and Proprietor of D Maurya and Associates (Mem. No. F14132; CP No. 9594), served as the scrutinizer to ensure a fair and transparent voting process. The scrutinizer's report was prepared pursuant to Section 108 of the Companies Act, 2013 and Rule 20(4)(xii) of the Companies (Management and Administration) Rules, 2014. Voting results were submitted to the stock exchange and the scrutinizer's report was filed on September 29, 2026, in accordance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. During the session, Mr. R Sundaresan, Whole Time Director and Vice Chairman, addressed shareholder queries, and the meeting concluded at 1:10 pm.