South West Pinnacle Exploration Ltd has received in-principle listing approval from the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) for 28,21,411 equity shares. These shares were allotted on July 10, 2026, pursuant to the conversion of share warrants issued to promoter and non-promoter categories on a preferential basis.

The approvals were granted on October 5, 2026. The NSE issued its letter under reference number NSE/LIST/56537, while the BSE issued its approval under reference number LOD/PREF/AA/FIP/882/2026-27. The shares have a face value of ₹10 each and were issued at a premium of ₹122 per share.

Listing conditions and compliance

The exchanges have stipulated specific conditions for the final trading approval. The company must file confirmation letters from NSDL or CDSL regarding the credit of these shares to beneficiary accounts. Additionally, the BSE noted that trading approval will be granted only after the company files the listing approval from the other exchange and confirms the lock-in of pre-preferential holdings if applicable.

The company is required to apply for trading approval within seven working days from the date of grant of listing approval by the stock exchanges. Failure to comply with this timeline may attract fines as per SEBI circular SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023.

Share allotment details

The allotment involves distinct share numbers ranging from 29830012 to 32651422. The preferential issue was directed towards both promoter and non-promoter entities, reflecting a strategic capital infusion through warrant conversion.

What the numbers show

The issuance price of ₹132 per share indicates a significant premium over the face value, suggesting that the market valuation at the time of warrant conversion was substantially higher than the par value. The conversion of warrants into equity shares on a preferential basis typically signals continued investor confidence from existing stakeholders, particularly given the inclusion of promoters in the allotment process.

South West Pinnacle Exploration Ltd reported a robust order book of approximately ₹761 crore during its 20th Annual General Meeting held on September 28, 2026. The company highlighted significant growth in revenue, EBITDA, and profitability for FY26 across its mineral exploration, coal, and overseas business verticals.

The meeting was conducted through Video Conferencing (VC) and Other Audio Visual Means (OAVM) in compliance with Ministry of Corporate Affairs and SEBI circulars. A total of 70 shareholders participated in the meeting, comprising 6 from the promoter group and 64 public shareholders. The number of shareholders as on the record date, September 21, 2026, stood at 16,257.

Voting results for key resolutions

The scrutinizer, Krishna Kumar Singh, confirmed that all resolutions were passed with the requisite majority. For the adoption of standalone and consolidated audited financial statements for FY26, a total of 18,869,043 votes were polled out of 29,830,011 outstanding shares. Of these, 18,869,042 votes were cast in favour, representing 99.9999% support, while only 1 vote was cast against.

The re-appointment of Chairman and Managing Director Vikas Jain and Joint Managing Director Piyush Jain also secured overwhelming support. In both special resolutions, promoters and promoter group members voted 100% in favour. Public institutional holders did not participate in the voting, while public non-institutional holders voted 99.9999% in favour across all director re-appointments.

Leadership and operational highlights

Chairman and Managing Director Vikas Jain apprised members of the strong financial performance in FY26, emphasizing expansion into emerging exploration segments and technology adoption. Joint Managing Director Piyush Jain detailed the operational capabilities, noting an improved order mix and successful project execution. He reaffirmed the focus on disciplined execution and sustainable long-term growth in critical minerals and underground coal gasification.

The statutory auditor and secretarial auditor reports were unqualified, with no observations or remarks. Mr. Hari Narain Singh Rajpoot, Independent Director and Chairman of the Audit Committee, was unable to attend due to unforeseen medical reasons. Consequently, Mrs. Shivi Sabharwal, Independent Director, was designated as the Chairperson of the Audit Committee for the AGM.

Resolutions and governance

The following resolutions were put forth for shareholder approval through e-voting:

• Adoption of standalone and consolidated audited financial statements for FY26.
• Re-appointment of Vikas Jain as Chairman and Managing Director.
• Re-appointment of Piyush Jain as Joint Managing Director.
• Re-appointment of Meenakshi Anand and Shivi Sabharwal as Independent Directors.
• Re-appointment of Rajendra Prasad Ritolia as Non-Executive Director.

Remote e-voting commenced on September 25, 2026, and concluded on September 27, 2026. E-voting during the AGM continued for 15 minutes post-conclusion. The scrutinizer will submit the final voting results within 48 hours.

Director re-appointment details

Following the AGM, the company disclosed specific details regarding the approved re-appointments pursuant to SEBI Listing Regulations:

Vikas Jain, holding an MBA from Johnson & Wales University, USA, has over 22 years of experience and has been on the board since inception. Piyush Jain, with an MSc from Nottingham Trent University, UK, joined the board in 2009 and brings over 18 years of experience in exploration and mining operations. The two are brothers, with Vikas being the elder sibling.

Shareholder participation details

What the numbers show

The disclosed order book of ₹761 crore represents a key forward-looking indicator for revenue conversion in upcoming quarters. While specific quarterly revenue figures were not detailed in the proceedings, the management's emphasis on "significant growth" alongside this substantial backlog suggests a strong pipeline for future execution.

Voting data reveals a high concentration of control among promoters. Promoters held 17,875,474 shares and voted 100% in favour of all resolutions, including those where they had an interest. Public shareholders polled only 993,569 votes, accounting for 8.31% of their holding. With zero institutional participation, the outcome reflects near-total alignment between management proposals and the limited public vote cast, resulting in a 99.9999% approval rate across all items.