Texmo Pipes & Products Limited received in-principle approval from the National Stock Exchange of India Ltd (NSE) and BSE Limited on September 29, 2026. This clearance paves the way for a preferential issue of 15,30,000 equity shares to proposed allottees.

The approval was granted under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It also complies with applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company filed this disclosure in compliance with Regulation 30 read with Schedule III of the LODR Regulations and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

Details of the Approval

The stock exchanges have cleared the allotment of up to 15,30,000 equity shares. This action is subject to compliance with all applicable laws, regulations, and conditions stipulated in the respective approval letters issued by NSE and BSE.

Impact and Utilization of Funds

The receipt of these approvals allows Texmo Pipes to proceed with the preferential issue and subsequent allotment. The proceeds from this capital raise will be utilized for purposes approved by shareholders. These objectives were detailed in the explanatory statement accompanying the notice convening the general meeting.

The validity of the approvals is tied to the terms and conditions specified in the letters from both exchanges. The company must ensure continued compliance with statutory requirements throughout the issuance process. There are currently no withdrawals, cancellations, or suspensions of this license or approval reported.

Shareholders of Texmo Pipes & Products approved a preferential issuance of equity shares to promoters at the company’s 18th Annual General Meeting held on September 11, 2026. The meeting also saw the reappointment of Mrs. Rashmi Agrawal as a director and approval of remuneration for key management personnel.

The AGM was conducted via video conferencing in compliance with Ministry of Corporate Affairs and SEBI circulars. Mrs. Rashmi Agrawal chaired the proceedings, which began at 12:30 pm and concluded at 1:18 pm. The Company Secretary confirmed the presence of quorum and noted that the auditors’ report contained no qualifications or adverse observations on financial transactions.

Key Resolutions Passed

Members voted on six resolutions during the meeting. Key outcomes included:

• Adoption of audited standalone and consolidated financial statements for the year ended March 31, 2026.
• Reappointment of Mrs. Rashmi Agrawal (DIN: 00316248) as a director upon retirement by rotation.
• Approval of remuneration for Cost Auditor for FY27.
• Issuance of equity shares on a preferential basis to promoters.
• Approval of remuneration for Smt. Rashmi Agrawal as Whole Time Director and Mr. Sanjay Kumar Agrawal as Managing Director for their remaining tenures.

Voting Process and Results

The company provided e-voting facilities through KFin Technologies Limited from September 8, 2026, at 9:00 am to September 10, 2026, at 5:00 pm. Members unable to vote remotely used the InstaPoll facility available until 15 minutes after the AGM’s conclusion. Mr. Dinesh Kumar Gupta, Practicing Company Secretary, was appointed to scrutinize the e-voting results.

Ten members registered as speakers, with several raising concerns about operations and future performance. Management addressed these queries during the session. The Chairperson’s address highlighted the company’s performance for FY26 and discussed industry outlooks, including operations at subsidiary Shree Venkatesh Industries Private Limited in Pithampur, Madhya Pradesh.

Resolution-wise Voting Outcomes

Promoters and promoter group voted 100% in favor of all resolutions. Public institutional investors also voted unanimously in favor. Non-institutional public shareholders showed minor dissent, particularly on the remuneration resolutions for key management personnel, where approximately 0.5% of votes were cast against.