Vaswani Industries received in-principle approval from both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for a preferential issue of equity shares. The company plans to issue 16.45 lakh shares at a price not less than ₹60 per share to its promoters.

The approvals were granted under Regulation 28(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both exchanges issued their respective letters on October 12, 2026, confirming the in-principle status of the proposed capital raise.

Approval Details and Conditions

The regulatory bodies outlined specific conditions that the company must satisfy before the final listing of the securities. These conditions ensure compliance with statutory requirements and protect market integrity during the allotment process.

Regulatory Compliance Requirements

Both exchanges emphasized that this in-principle approval does not constitute final listing approval. Vaswani Industries must file a separate listing application within twenty days from the date of allotment, as per SEBI circulars. Failure to comply with this timeline will attract penalties.

The company is required to obtain all necessary statutory approvals from authorities including the Ministry of Corporate Affairs (MCA) and the Reserve Bank of India (RBI), where applicable. Additionally, the issue must adhere to the Companies Act, 2013, and Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Internal Controls and Trading Restrictions

A critical directive from both BSE and NSE requires the company to strengthen internal controls to monitor trades executed by the proposed allottees. This measure aims to prevent violations of trading restrictions during the interim period between approval and allotment.

• The company must obtain an undertaking from the allottees confirming they will not engage in intra-day trading or sell shares until the allotment date.
• Verification of these undertakings is solely the responsibility of the issuer company.
• Any non-compliance observed post-verification may impact the final listing of the shares.

The exchanges reserved the right to withdraw the in-principle approval if the information submitted is found to be incomplete, incorrect, or misleading.

Vaswani Industries passed all four ordinary resolutions proposed at its 23rd Annual General Meeting (AGM) held on September 30, 2026. The meeting was conducted via Video Conferencing and Other Audio Visual Means, with voting results certified by the appointed scrutinizer on October 1, 2026.

Resolution outcomes

The company adopted its standalone financial statements for the year ended March 31, 2026, along with the Board of Directors' and Auditors' reports. The resolution received overwhelming support, with 20,389,037 valid votes cast in favor, representing 99.9994% of the total valid votes. Only 130 votes were cast against the resolution.

Pawan Kumar Jha was reappointed as a director retiring by rotation. This resolution secured 20,388,987 votes in favor (99.9991%) against 180 votes against (0.0009%).

The remuneration payable to M/s Sanat Joshi & Associates as Cost Auditors for FY27 was also ratified with similar margins, receiving 20,389,037 votes in favor and 130 against.

Related party transaction approval

The fourth resolution sought approval for material related party transactions between the company and Kvality Foundry Industries. The voting pattern differed significantly from the other resolutions due to the exclusion of interested members from the vote count.

For the related party transaction, only 13 members were eligible to vote, casting 2,629 valid votes in favor. Two members cast 130 votes against. A significant number of votes, totaling 20,385,153, were invalidated because they were cast by the proprietor and related parties of Kvality Foundry Industries, who are classified as interested members and thus not entitled to vote on this specific resolution.

What the numbers show

The disparity in vote counts between the general resolutions and the related party transaction highlights the concentration of shareholding among interested parties. While over 20 million votes supported the financial statements, nearly 20.4 million votes were disqualified from the related party vote due to conflict of interest rules. This indicates that the promoters or their associates hold a substantial majority of the equity but were legally barred from influencing the approval of transactions with their own entities.