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.

Shiva Granito Export Limited has approved a preferential issue of equity shares and warrants aggregating to ₹9,39,75,000. The board meeting held on October 6, 2026, cleared proposals for issuing up to 54,50,000 equity shares and 35,00,000 fully convertible warrants.

The issuance is subject to shareholder approval, which will be sought at an Extra Ordinary General Meeting (EGM) scheduled for Thursday, November 5, 2026. The board also approved the draft notice for the EGM during the meeting that commenced at 4:30 pm and concluded at 5:30 pm.

Preferential Issue Details

The board approved two distinct instruments under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018:

1. Equity Shares: Up to 54,50,000 equity shares of face value ₹10 each at an issue price of ₹10.50 per share (including a premium of ₹0.50). This raises up to ₹5,72,25,000 from 17 non-promoter allottees.
2. Fully Convertible Warrants: Up to 35,00,000 warrants, each convertible into one equity share, at an issue price of ₹10.50 per warrant. This raises up to ₹3,67,50,000 from five allottees, including promoters and non-promoters.

Allottee Structure

The equity shares are proposed to be allotted entirely to the non-promoter category. Key allottees include Five Elements Resources Pvt Ltd (20,00,000 shares) and Manisha Mayank (15,00,000 shares).

The warrants will be issued to a mix of promoter and non-promoter entities. Topfilings India Capital Market Pvt Ltd is set to receive 14,50,000 warrants, while Shiva Explosives India Private Limited, a promoter entity, will receive 10,00,000 warrants.

Warrant Terms and Conversion

Each warrant carries the right to subscribe to one equity share. The tenor for conversion is 18 months from the date of allotment. Investors must pay 25% of the warrant issue price at the time of subscription, with the remaining 75% payable upon exercise. Unexercised warrants after 18 months will lapse, and amounts paid will be forfeited.

Regulatory Compliance

The intimation was filed with BSE Limited in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Abhinav Upadhyay, Managing Director, on October 6, 2026.