Shivalik Rasayan shareholders approve preferential equity and warrant issuance
- Shareholders approved preferential issuance of 3,72,000 equity shares and 9,48,000 warrants
- Both resolutions passed with over 99.99% support from non-institutional public shareholders
- Promoters voted unanimously in favor of both capital raising measures
- Company cited heavy rainfall and network issues for delayed submission of EGM proceedings
*this image is generated using AI for illustrative purposes only.
Shivalik Rasayan Limited shareholders approved two special resolutions regarding capital raising measures at its Extra-Ordinary General Meeting (EGM) held on August 20, 2026. The resolutions authorize the preferential issuance of equity shares and fully convertible warrants.
The meeting took place at Hotel Saffron Leaf in Dehradun, Uttarakhand. Chairman Rahul Bishnoi presided over the proceedings, which included an address on the industry’s economic outlook and the company’s performance challenges. The requisite quorum was present, allowing the meeting to proceed from 1:00 pm to 2:05 pm. A total of 14,456 shareholders were on record as of July 21, 2026, with 133 shareholders (one from the promoter group and 132 from the public) participating in the voting process either in person or through proxy.
Resolutions Considered
Shareholders voted on two special resolutions concerning capital raising measures. Remote e-voting was available from August 17, 2026, at 9:00 am until August 19, 2026, at 5:00 pm.
| Resolution Type | Details |
|---|---|
| Special Resolution | Issuance of up to 3,72,000 Equity Shares to "Public" category entities on a preferential basis |
| Special Resolution | Issuance of up to 9,48,000 Fully Convertible Warrants to "Promoter and Promoter Group" and "Public" categories on a preferential basis |
Voting Results
The consolidated voting results, combining remote e-voting and votes cast during the EGM, show strong support for both resolutions. Mr. Manoj Kumar Jain of M/s. AMJ & Associates served as the scrutinizer for the e-voting process. The company disclosed that promoters were not interested in the first resolution but were interested in the second resolution regarding warrants.
Resolution 1: Equity Share Issuance
The resolution to issue up to 3,72,000 equity shares to public category entities was passed with a majority of 99.9989% of valid votes polled among non-institutional public shareholders. Promoters held 74,61,677 shares and voted 100% in favor. Among non-institutional public shareholders, who held 82,88,688 shares, 99.9933% voted in favor, with only 93 votes cast against. No institutional public shareholders participated in the voting.
| Category | Votes Polled | In Favor | Against | % In Favor |
|---|---|---|---|---|
| Promoter and Promoter Group | 74,61,677 | 74,61,677 | 0 | 100.00% |
| Public - Non Institutions | 13,85,363 | 13,85,270 | 93 | 99.99% |
| Total | 88,47,040 | 88,46,947 | 93 | 99.99% |
Resolution 2: Warrant Issuance
The resolution to issue up to 9,48,000 fully convertible warrants was also passed with overwhelming support, securing 99.9997% of valid votes polled among non-institutional public shareholders. Promoters again voted unanimously in favor. Non-institutional public shareholders voted 99.9980% in favor, with only 28 votes against.
| Category | Votes Polled | In Favor | Against | % In Favor |
|---|---|---|---|---|
| Promoter and Promoter Group | 74,61,677 | 74,61,677 | 0 | 100.00% |
| Public - Non Institutions | 13,85,363 | 13,85,335 | 28 | 99.99% |
| Total | 88,47,040 | 88,47,012 | 28 | 99.99% |
Meeting Proceedings and Filing Delay
Key managerial personnel in attendance included Managing Director Dr. Vimal Kumar Shrawat, Vice-Chairman Mr. Suresh Kumar Singh, Independent Director Mr. Sham Goel, Chief Financial Officer Mr. Vinod Kumar, and Company Secretary Ms. Parul Choudhary. Members were invited to raise queries regarding operations and financial performance, which the Chairman addressed.
The company later clarified a delay in submitting the EGM proceedings to the stock exchanges. In a letter dated August 25, 2026, Shivalik Rasayan attributed the inadvertent technical and administrative delay to severe weather conditions in Dehradun. Heavy rainfall caused major network disruptions and persistent internet connectivity issues at the venue, hindering the timely compilation and upload of the proceedings. The Company emphasized that the error was unintentional and assured strict adherence to SEBI Listing Obligations and Disclosure Requirements timelines in the future.
Historical Stock Returns for Shivalik Rasayan
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.29% | +15.52% | +41.95% | +27.33% | -23.68% | 0.0% |
How will the proceeds from the preferential equity issuance be allocated to address the performance challenges mentioned by Chairman Rahul Bishnoi?
What are the specific conversion terms, pricing, and expiry dates for the 9,48,000 fully convertible warrants issued to promoters and public entities?
Could the issuance of fully convertible warrants to the promoter group lead to significant future dilution for existing minority shareholders?
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