Vijay Rathee and his persons acting in concert (PAC) have increased their stake in Mahamaya Steel Industries to 11.445% of the total voting capital. The acquisition of 31,410 equity shares took place on the open market on August 31, 2026.

The disclosure was filed under Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Vijay Rathee submitted the details to the National Stock Exchange of India Limited and BSE Limited on September 1, 2026. The company intimated the exchanges on September 3, 2026.

Acquisition Details

The acquirer group, comprising Vijay Rathee and Kuldip Singh Rathee, is not part of the promoter or promoter group of Mahamaya Steel Industries. The transaction involved only equity shares carrying voting rights, with no encumbrances, warrants, or convertible securities involved.

The total equity share capital of Mahamaya Steel Industries remained unchanged at 16,434,400 equity shares of face value ₹10 each, totaling ₹164,344,000. There were no changes to the diluted share capital or voting rights structure following this transaction.

What the Numbers Show

The acquisition represents a marginal increase in stake for the Rathee group, moving from 11.254% to 11.445%. This open market purchase indicates continued interest in the stock without triggering any significant shift in control or ownership structure, as the group remains a non-promoter entity.

Mahamaya Steel Industries has scheduled its 38th Annual General Meeting for Friday, September 25, 2026. The Board of Directors approved the date and related resolutions during a meeting held on August 31, 2026.

The meeting will be conducted through Video Conferencing or Other Audio Visual Means at 12:00 noon. The remote e-voting period will commence from Tuesday, September 22, 2026, at 9:00 am and conclude on Thursday, September 24, 2026, at 5:00 pm. The cut-off date for determining eligibility to vote is September 18, 2026.

Jaswinder Kaur Mission, Company Secretary and Compliance Officer, confirmed the outcomes in a letter to the exchanges on August 31, 2026. The Register of Members and Share Transfer Books will remain closed from September 19, 2026, to September 25, 2026, inclusive.

Key Board Approvals

• Appointment of scrutinizer for e-voting process
• Approval of draft predispatch notice for newspaper publication
• Fixing of AGM date for September 25, 2026
• Closure of share transfer books from September 19 to September 25, 2026

AGM Agenda Highlights

The notice for the 38th AGM outlines several key resolutions for shareholder approval:

Ordinary Business

1. Adoption of Financial Statements: Approval of audited standalone and consolidated financial statements for FY26 (ended March 31, 2026).
2. Re-appointment of Director: Re-appointment of Mr. Suresh Raman as a Non-Executive Non-Independent Director liable to retire by rotation.
3. Statutory Auditor Appointment: Appointment of M/s Chopra A J & Associates (FRN: 021905C) as Statutory Auditors for five years from the conclusion of this AGM until the 43rd AGM. This replaces retiring auditors M/s K P R K & Associates. The proposed remuneration for FY27 is ₹6 lakh excluding taxes.
4. Cost Auditor Ratification: Ratification of remuneration payable to M/s Sanat Joshi & Associates for cost audit of FY27 records at ₹40,000 plus taxes.

Special Business

1. Independent Director Re-appointment: Re-appointment of Ms. Vanitha Rangaiah (DIN: 09211334) as an Independent Director for a second term of five years (June 28, 2026 to June 27, 2031).
2. Borrowing Limits: Approval to borrow up to ₹900 crore under Section 180(1)(c) of the Companies Act, 2013. This amount may exceed the aggregate of paid-up share capital and free reserves.
3. Creation of Charge: Approval to create mortgage or charge on assets to secure borrowings under Section 180(1)(a).
4. Investment and Loan Thresholds: Increase in threshold for loans, guarantees, and investments under Section 186 up to ₹900 crore.
5. Related Party Loans: Approval to advance loans/guarantees to subsidiaries, associates, or group entities up to ₹300 crore under Section 185.

Related Party Transactions

The company seeks approval for material related-party transactions for the period from September 30, 2026, to September 30, 2027:

Additionally, the company proposes to avail unsecured loans from promoter group entities for its Solar Power Plant project:

The total unsecured loan facility is capped at ₹125 crore, with interest rates not exceeding 8.25% per annum or interest-free, repayable on demand or over three years.