Vaswani Industries opens e-voting for ₹9.87 crore issue
Vaswani Industries Limited has opened remote e-voting for a postal ballot to approve a ₹9.87 crore preferential allotment to promoter group members and the re-appointment of an Independent Director. The e-voting period runs from June 9 to July 8, 2026.
*this image is generated using AI for illustrative purposes only.
Vaswani Industries Limited has commenced the remote e-voting process for a postal ballot seeking shareholder approval for a preferential allotment of 16,45,000 fully paid-up equity shares at an issue price of ₹60 per share, aggregating to ₹9.87 crore. The funds raised are intended to enhance manufacturing capabilities, including the installation of a Ladle Refining Furnace (LRF), Vacuum Degassing (VD) system, and Continuous Casting Machines (CCM). The e-voting period commences on June 9, 2026, at 9:00 A.M. and concludes on July 8, 2026, at 5:00 P.M., with the results to be declared on July 9, 2026.
The Board of Directors approved the proposal on May 30, 2026, identifying the allottees as promoter group members, including Mr. Ravi Vaswani, Mr. Yashwant Ravi Vaswani, and Mr. Kushal Vaswani. The issue price of ₹60 per share, including a premium of ₹50, was determined based on the volume-weighted average price of the equity shares on the National Stock Exchange, which was higher than the regulatory floor price. The company has engaged MUGF Intime India Private Limited to facilitate the remote e-voting process.
Preferential Issue Details
The issuance targets specific individuals within the promoter group, with the following allocation of shares:
| Sr. No. | Name of Proposed Allottees | No. of Shares to be Allotted | Consideration (₹) |
|---|---|---|---|
| 1 | Mr. Ravi Vaswani | 3,94,460 | 2,36,67,600 |
| 2 | Mr. Yashwant Ravi Vaswani | 3,94,450 | 2,36,67,000 |
| 3 | Mr. Kushal Vaswani | 3,94,450 | 2,36,67,000 |
| 4 | Smt. Manisha Vaswani | 1,53,845 | 92,30,700 |
| 5 | Smt. Sudha Vaswani | 1,53,845 | 92,30,700 |
| 6 | Smt. Tanya Vaswani | 76,975 | 46,18,500 |
| 7 | Smt. Jyotsna Vaswani | 76,975 | 46,18,500 |
| Total | 16,45,000 | 9,87,00,000 |
Voting and Scrutiny Process
Shareholders registered as of June 5, 2026, are eligible to vote through remote e-voting. The company has appointed Mr. Praveen Kumar Kanungo, a Practicing Company Secretary, as the Scrutinizer to ensure the process is conducted fairly. The resolution requires a special resolution pass. Upon approval, the allotment is expected to be completed within 15 days from the date of the resolution passing, subject to regulatory approvals.
Re-appointment of Independent Director
In addition to the capital raise, the postal ballot notice includes a special resolution for the re-appointment of Mr. Rituraj Peswani as an Independent Director for a second term of five years, effective from May 19, 2026, to May 18, 2031. The Nomination and Remuneration Committee has recommended his re-appointment based on his performance and expertise in the steel industry.
Historical Stock Returns for Vaswani Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.04% | -6.87% | +0.61% | -10.30% | +18.91% | +313.56% |
What is the expected timeline for the installation and commissioning of the new LRF, VD system, and CCM units?
How will the enhanced manufacturing capabilities impact Vaswani Industries' production capacity and revenue projections?
What are the potential risks or challenges associated with the preferential allotment being entirely subscribed by promoter group members?
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