Emkay Global Financial Services has successfully completed the allotment of 2,78,300 equity shares following the exercise of convertible warrants by promoter Krishna Kumar Karwa. The Management Committee approved this allotment on December 12, 2025, marking a significant milestone in the company's earlier Rs 227.52 crore warrant issue.

Warrant Conversion Details

The conversion represents a partial exercise of the warrants originally allotted in October 2025. Key details of the conversion include:

Impact on Share Capital and Shareholding

Following this allotment, the company's issued and paid-up capital has increased from Rs 25.63 crore to Rs 25.91 crore, divided into 2,59,10,763 equity shares of Rs 10 face value each.

Original Warrant Issue Structure

The warrant conversion stems from the preferential issue approved earlier, which involved three investors:

Payment Structure and Compliance

The warrant exercise follows the established payment structure where investors initially paid 25% of the warrant price (Rs 59.88 per warrant) at allotment. The remaining 75% (Rs 179.63 per warrant) was paid upon conversion, totaling Rs 4.99 crore for the current exercise.

The newly allotted equity shares rank pari-passu with existing shares, including dividend rights. The conversion price of Rs 239.50 remains above the regulatory floor price of Rs 239.36 per equity share as per SEBI regulations.

Outstanding Warrants

With Krishna Kumar Karwa's partial conversion, 9,71,700 warrants remain outstanding from his original allotment of 12,50,000 warrants. The other allottees, Antique Securities Private Limited and Prakash Kacholia, retain their full warrant holdings and can exercise them within the 18-month conversion period from the original allotment date.

Emkay Global Financial Services Limited has announced a postal ballot process to seek shareholder approval for appointing Mr. Ajay Mahajan as an Independent Director of the company. The postal ballot notice, dated November 28, 2025, was sent to shareholders on December 10, 2025, exclusively through electronic mode.

Postal Ballot Details

The company has structured the voting process with specific timelines and procedures for shareholder participation:

The postal ballot notice has been sent electronically to all members who have registered their email addresses with the Depository Participants and the company's Registrar and Transfer Agent, MUFG Intime India Private Limited, as on the cut-off date.

Proposed Director Appointment

The Board of Directors has recommended the appointment of Mr. Ajay Mahajan (DIN: 05108777) as an Independent Director through a Special Resolution. The Board initially appointed him as an Additional Director designated as Non-Executive and Independent Director effective December 1, 2025.

Director's Professional Background

Mr. Ajay Mahajan brings extensive experience in financial services and leadership roles. His educational qualifications include:

• B.E. (Hons) Electrical & Electronics Engineering from BITS, Pilani
• MBA from FMS, Delhi
• CFA from US CFA Institute

His professional experience spans over three decades in commercial and wholesale banking, financial markets, credit ratings, and fintech. He previously served as MD & CEO of CARE Ratings and built the wholesale and institutional banking business at IDFC First Bank. Currently, he serves as Managing Director & Partner, India, at Silicon Road Ventures, an Atlanta-based CommereTech focused family of funds, and Co-Founder & CEO of BondNest Capital.

Current Directorships and Roles

Mr. Mahajan holds directorship positions in several companies:

• ASK Asset Management Private Limited
• Silicon RD Ideation Labs Private Limited
• Knowledge Realty Office Management Services Private Limited
• Bondnest Capital India Securities Private Limited
• Finlabs India Private Limited
• FICC Capital Private Limited

He also serves as Chairman of Audit Committee and Nomination and Remuneration Committee at Knowledge Realty Office Management Services Private Limited and ASK Asset Management Private Limited.

Voting Process and Compliance

The company has appointed Mr. P.N. Parikh (Membership No. FCS327) of M/s Parikh Associates, Practicing Company Secretaries, Mumbai, as the Scrutinizer for conducting the postal ballot process. The voting will be conducted exclusively through remote e-voting facility provided by Central Depository Services (India) Limited (CDSL).

Shareholders holding equity shares as on the cut-off date of December 5, 2025, are eligible to participate in the voting process. The company has ensured compliance with all applicable provisions of the Companies Act, 2013, SEBI Listing Regulations, and MCA circulars for conducting the postal ballot through electronic means only.

The results of the postal ballot will be announced after receipt of the Scrutinizer's report and will be displayed at the company's registered office and uploaded on the company's website and CDSL's website. The results will also be communicated to BSE Limited and National Stock Exchange of India Limited simultaneously.