Sharika Enterprises revises EGM notice for preferential issue

Sharika Enterprises Limited has issued a corrigendum to its Extraordinary General Meeting (EGM) notice scheduled for July 17, 2026, to amend and clarify details regarding the proposed preferential issue of equity shares and convertible warrants. The company filed the update with the Bombay Stock Exchange following observations received from the exchange, necessitating corrections to the original notice dated June 23, 2026.

The corrigendum revises the cut-off date for remote e-voting and participation in the general meeting to Friday, July 10, 2026, replacing the previously incorrect date of Thursday, September 04, 2025. Shareholders holding shares in physical or dematerialized form as on the new record date are eligible to vote. The e-voting period is scheduled to begin on July 14, 2026, at 09:00 A.M. and conclude on July 16, 2026, at 05:00 P.M. Additionally, the company updated the designated email address for remote voting to cs@sharikaindia.com and changed the depository reference from NSDL to CDSL.

The company seeks shareholder approval to raise ₹21.71 crore through the preferential issue. The net proceeds are intended for the repayment of outstanding borrowings, working capital requirements, and investments in subsidiaries Sharika Spintec Private Limited and Sharika Smartec Private Limited. The allocation of funds includes ₹4.50 crore for debt repayment within 180 days and ₹7.81 crore for working capital over 765 days. The company clarified that funds for general corporate purposes will not exceed 25% of the total amount raised.

The filing includes a detailed list of outstanding borrowings from various lenders, including Unity Small Finance Bank Ltd, IndusInd Bank Limited, and L&T Finance Limited, among others. Interest rates on these business loans range from 15.50% to 24.00%. The company stated that as the issue size does not exceed ₹100 crore, it is not required to appoint a monitoring agency. Unutilized proceeds will be disclosed separately in the balance sheet for the relevant financial years.

Several corrections were made to the identities of the proposed allottees and their ultimate beneficial owners. The name of an allottee was corrected from Anil Dattatraya Deshpande to Mandar Anil Deshpande. Other name corrections include Balaji Rice Industries Private Limited, Starlight Capital Private Limited, and Dhavan Suyog Satling. The updated list of beneficial owners includes individuals such as Jignesh Lalitkumar Shah and Nirav Dineshchandra Jogani.

The revised shareholding pattern indicates that the promoter group holding will decrease from 55.16% to 40.17% post-issue, while non-promoter holding will increase from 44.84% to 59.83%. The total equity shares post-issue are projected to be 62,287,181, assuming full subscription and conversion of warrants. The EGM will be held via video conference on July 17, 2026, at 4:00 PM IST.

Utilization of Issue Proceeds

Sr. no.	Particulars	Total estimated amount to be utilized. (Amount in Crores INR) *	Tentative timeline for utilization of issue proceeds for each of the object
1	Repayment of outstanding borrowings in full or part	4.50	180 days
2	Working Capital	7.81	765 days
3	Investment in the subsidiary, Sharika Spintec Private Limited	4.00	765 days
4	Investment in the subsidiary, Sharika Smartec Private Limited	1.00	600 days
5	General Corporate Purpose	4.40	360 days
	Total	21.71

Contingent upon full subscription of offer and considering 100% conversion of Warrants into Equity Shares

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
0.0%	+0.16%	+32.89%	+31.41%	+12.23%	+38.53%

Sharika Enterprises Limited has commenced the remote e-voting process for its Extra-Ordinary General Meeting (EGM) scheduled on July 17, 2026, to seek shareholder approval for raising funds aggregating up to ₹27.21 crore. The company aims to utilize these proceeds for working capital requirements and repayment of borrowings. The EGM will be conducted via video conferencing, and the facility for remote e-voting is provided by Central Depository Services (India) Limited (CDSL).

The board meeting held on June 23, 2026, sanctioned the issuance of 1,51,49,079 equity shares and 38,38,102 share warrants. The issue price for both instruments is fixed at ₹14.33 per share or warrant, including a premium of ₹9.33. The equity share issuance targets raising up to ₹21.71 crore from 98 non-promoter investors, while the warrant issuance totals ₹5.50 crore. Warrants are convertible into one equity share each within 18 months from the date of allotment.

Key Details of the Fund Raise

Instrument	Quantity	Issue Price (₹)	Aggregate Amount (₹)	Allottees
Equity Shares	1,51,49,079	14.33	21,70,86,305	Non-Promoters
Share Warrants	38,38,102	14.33	5,50,00,000	Promoters & Non-Promoters

EGM and Voting Details

The company has fixed Friday, July 10, 2026, as the record date to determine shareholder eligibility for voting at the EGM. Remote e-voting commenced on July 14, 2026, at 09:00 A.M. (IST) and will end on July 16, 2026, at 05:00 P.M. (IST). Members who cast their votes through remote e-voting prior to the EGM and attend the meeting shall not be entitled to cast their votes again.

The Notice of EGM was disseminated via electronic mode on June 25, 2026. Members holding shares in demat form must register their email addresses with their Depository Participants, while those holding physical shares may submit details in Form ISR-1 to the company or its Registrar and Transfer Agent, M/s Skyline Financial Services Private Limited. The fund-raising proposals are subject to the approval of regulatory and statutory authorities.