Shraddha Prime Projects shareholders approved a special resolution to increase the company's borrowing limits and authorize the creation of charges on assets up to ₹5,000 crore during its 34th Annual General Meeting held on September 28, 2026.

The meeting, conducted via video conferencing, also saw the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. The Board of Directors' reports and auditor's reports were taken as read with shareholder consent. Voting results indicate overwhelming support, with over 99.99% of votes polled in favor across all key resolutions.

Key resolutions passed

The agenda included both ordinary and special business items. While ordinary resolutions covered financial adoption and director appointments, the special resolutions focused on expanding the company's debt capacity. Promoter group shares were disregarded in voting calculations for related party transactions where promoters had an interest.

Governance and compliance

Sudhir Balu Mehta, Managing Director and Chairman, chaired the meeting. Zankhana Karan Bhansali served as the Meeting Coordinator. M/s ND & Associates were appointed as scrutinizers to ensure fair voting processes for remote e-voting and venue voting.

The AGM commenced at 11:30 am and concluded at 11:51 am, with an additional 15 minutes allotted for venue e-voting. A total of 23 shareholders attended via video conferencing, including one promoter representative and 22 public shareholders. Voting results will be uploaded to the company website in accordance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scrutinizer report details

Neeta H. Desai, Proprietor of ND & Associates, submitted the combined scrutinizer report on September 29, 2026. The report confirmed that all ordinary and special resolutions listed in Items 1 through 9 were passed with the requisite majority. Remote e-voting was open from September 25, 2026, to September 27, 2026, while venue e-voting took place during the AGM itself.

The scrutiny process involved unblocking results from the NSDL e-voting platform after the closure of voting periods. For non-related party items, such as the adoption of financial statements and the borrowing limit increase, 13 members cast assent votes totaling 30,762,462 shares, while one member cast dissent votes totaling 10 shares. This resulted in an effective approval rate of approximately 99.99% for these items.

For related party transactions involving Shraddha Life Spaces Private Limited, Shraddha Landmark Private Limited, Shree Krishna Rahul Developers, and Shraddha Mangalsmriti LLP, the voting base was adjusted. Shares held by Mr. Sudhir Balu Mehta (30,210,548 shares) were disregarded as he is interested in these resolutions. Consequently, 12 members voted in favor with 551,914 shares, and one member dissented with 10 shares, yielding a 100% approval rate among eligible public shareholders.

Shraddha Prime Projects Board of Directors will convene on October 1, 2026, to approve the issue price, rights ratio, and record date for its proposed rights issue. This follows the BSE's in-principle approval for listing partly paid-up equity shares received in September.

The meeting agenda includes determining the number of rights equity shares offered to existing shareholders and fixing the record date for eligibility. These steps are critical for finalizing the fund-raising exercise under SEBI regulations.

Regulatory compliance and next steps

The proposed rights issue remains subject to fulfilling all post-issue requirements. Shraddha Prime must comply with statutory, legal, and listing formalities stipulated by the Securities and Exchange Board of India (SEBI) and the exchange.

The company submitted this intimation under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was addressed to the Department of Corporate Services at BSE Limited and the Listing Department at National Stock Exchange of India Limited.

Key details of the approval and meeting

The Managing Director, Sudhir Mehta, signed the letter dated September 23, 2026, confirming the receipt of the regulatory nod. The company has requested the exchanges to take the information on record.