Shiva Granito Export Ltd has issued an addendum to the notice of its Extraordinary General Meeting (EGM) scheduled for November 5, 2026. The addendum introduces a new agenda item seeking shareholder approval for the appointment of Rekha Panwar as a Non-Executive Independent Director.

The original EGM notice, dated October 6, 2026, was dispatched electronically on October 14, 2026. The addendum incorporates Item No. 3, which requires the passage of a Special Resolution under Sections 149, 150, and 152 of the Companies Act, 2013. This action regularizes Panwar's appointment following a procedural lapse in the previous Annual General Meeting.

Appointment details and tenure

Rekha Panwar (DIN: 10063180) will serve as a Non-Executive Independent Director for a term of two consecutive years. Her tenure is set from October 14, 2026, to October 13, 2028. She shall not be liable to retire by rotation. The Board of Directors recommended this appointment based on her expertise in corporate law and compliance.

Panwar was initially appointed as an Additional Director on August 11, 2026. However, due to a technical error, the resolution for her appointment was not included in the e-voting process for the Annual General Meeting. Consequently, her appointment ceased to be effective upon the conclusion of that meeting. The Board subsequently approved her re-appointment on October 14, 2026.

Director profile and disclosures

The company disclosed that Panwar holds no equity shares in Shiva Granito Export Ltd and has no relationship with other directors. Her remuneration consists solely of sitting fees for attending Board or Committee meetings. The following table summarizes her key credentials and appointment terms:

Regulatory compliance and board recommendation

The appointment complies with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Panwar has submitted all requisite declarations, including consent to act as a director (Form DIR-2), disclosure of interest (Form MBP-1), and a declaration of independence under Section 149(6) of the Companies Act, 2013. The Board confirmed that she meets the criteria for independence and possesses the necessary integrity and expertise.

Shiva Granito Export Limited plans to raise up to ₹9,39,75,000 through a preferential allotment of equity shares and fully convertible warrants. The company has scheduled an Extra-Ordinary General Meeting (EGM) on November 5, 2026, to seek shareholder approval for the capital infusion.

The proposed issuance comprises up to 54,50,000 equity shares and 35,00,000 fully convertible warrants. Both instruments are offered at an issue price of ₹10.50 per unit, which includes a premium of ₹0.50 over the face value of ₹10. The equity share component accounts for ₹5,72,25,000, while the warrant component contributes ₹3,67,50,000 to the total corpus.

Utilization of funds

The entire proceeds from the preferential issue are designated for working capital requirements. The company intends to deploy these funds by March 31, 2028. Given that the issue size does not exceed ₹100 crore, the company is exempt from appointing a SEBI-registered credit rating agency as a monitoring agency under Regulation 162A of the SEBI (ICDR) Regulations.

Allottee structure and dilution

The equity shares will be allotted exclusively to non-promoter entities and individuals. The largest single allotment is 20,00,000 shares to Five Elements Resources Pvt Ltd, representing approximately 9.64% of the post-issue shareholding. Other significant non-promoter allottees include Manisha Mayank (15,00,000 shares) and Jyoti Tuli (7,00,000 shares).

In contrast, the fully convertible warrants will be issued to both promoter and non-promoter groups. Shiva Explosives India Private Limited, a promoter group entity, is slated to receive 10,00,000 warrants. Topfilings India Capital Market Pvt Ltd, a non-promoter entity, will receive 14,50,000 warrants.

Pricing basis and regulatory compliance

The issue price of ₹10.50 was determined based on the higher of the 90-day volume-weighted average price (₹10.10), the 10-day volume-weighted average price (₹9.94), and the valuation report price (₹10.02). The relevant date for price determination is October 6, 2026. The company confirmed that no change in management or control will occur consequent to this preferential allotment.

What the numbers show

A distinct divergence exists in the participation strategy between promoters and non-promoters. While all 54,50,000 equity shares are being issued to non-promoters, leading to immediate dilution of promoter holding from 36.68% to 27.37%, the promoter group participates only through warrants. Shiva Explosives India Private Limited’s subscription of 10,00,000 warrants allows the promoter group to maintain or increase its stake only if they exercise the conversion option within 18 months. This structure shifts the immediate capital burden to external investors while giving promoters a deferred option to counter-dilute without upfront full cash outlay.