Shivalik Rasayan Limited shareholders have approved all seven resolutions proposed at its 48th Annual General Meeting, including the declaration of a 10% final dividend for FY26 and enhanced borrowing powers.

The voting results were announced on September 29, 2026, following the meeting held on September 28, 2026, at Hotel Saffron Leaf in Dehradun. The resolutions received overwhelming support, with no votes cast against the financial statements or dividend declaration.

Voting outcome details

The consolidated voting results combined remote e-voting and votes cast at the meeting. The scrutinizer’s report confirmed that all ordinary and special resolutions were passed with the requisite majority.

Shareholder participation

A total of 15,355 shareholders were on record as of the cut-off date, September 21, 2026. Voting participation was concentrated among the promoter group and a segment of public non-institutional investors. Promoter and promoter group members voted 100% of their holding of 74,61,677 shares in favour of all resolutions. Public institutional investors did not cast any votes. Public non-institutional shareholders voted approximately 11.96% of their total holding.

Procedural compliance

The e-voting process was supervised by Manoj Kumar Jain of AMJ & Associates, who served as the scrutinizer. The results were filed with BSE and NSE pursuant to Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the statutory registers were available for inspection during the meeting.

Shivalik Rasayan Limited disclosed that Ginnerup Capital ApS has increased its stake in the company to 5.34% of the total diluted share capital following the acquisition of warrants on September 14, 2026.

The acquisition involved 3,99,990 fully convertible warrants, each convertible into an equal number of equity shares. This transaction was executed through a preferential allotment by the target company, bringing Ginnerup Capital's total holdings, including existing shares and new warrants, to 9,06,540 instruments.

Regulatory Disclosure Details

The disclosure was filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing confirms that Ginnerup Capital ApS does not belong to the promoter or promoter group. The acquirer is based in Denmark, with Kim Ginnerup signing as the authorised signatory.

Prior to this acquisition, Ginnerup Capital held 5,06,550 equity shares carrying voting rights, representing 3.22% of the total voting capital. The new warrant acquisition adds a potential 2.36% to its diluted capital exposure.

Holding Structure Before and After Acquisition

The table below outlines the change in Ginnerup Capital's position in Shivalik Rasayan Limited:

What the Numbers Show

A key observation from the disclosure is the slight dilution in Ginnerup Capital's immediate voting power despite the increase in total instrument count. The percentage of total voting capital held dropped from 3.22% to 3.16% after the acquisition. This occurs because the preferential allotment of warrants increases the company's total diluted share capital base, even though the warrants themselves do not carry voting rights until converted into equity shares. Consequently, while the absolute number of instruments held nearly doubles, the immediate influence on voting rights decreases marginally due to the expanded denominator of total shares outstanding.