Hittco Tools Limited's board of directors held a comprehensive meeting on January 19, 2026, approving multiple strategic corporate actions that will impact the company's capital structure and operational capacity. The meeting, which commenced at 10:00 AM and concluded at 3:00 PM, addressed key matters including preferential allotment, share forfeiture, and board appointments.

Preferential Allotment Details

The board approved the issuance and allotment of up to 4,45,000 equity shares on a preferential basis in accordance with Chapter V of the SEBI ICDR Regulations. The allotment is structured across two categories with specific allocations:

The preferential allotment is subject to approval from regulatory and statutory authorities as well as company shareholders. The board also cancelled the special resolution passed at the 31st Annual General Meeting held on September 30, 2025, regarding the previous preferential allotment approval.

Share Forfeiture Action

The board approved the forfeiture of 2,47,600 partly paid equity shares of face value ₹10.00 each due to non-payment of call money. The forfeited shares belonged to six shareholders, with the largest holdings being:

Following the forfeiture, these shares will be cancelled and the Register of Members will be updated accordingly. The company will make necessary disclosures and filings with statutory authorities in compliance with applicable laws.

Board Appointment and Corporate Governance

Based on recommendations from the Nomination and Remuneration Committee, the board appointed Mr. Ranjan Kotekar (DIN: 02964263) as Additional Independent Director. Mr. Kotekar brings over 10 years of management experience and is described as having a positive, inspiring, and experienced personality.

The board also appointed M/s Manjeet & Associates, Company Secretary in practice, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.

Machinery Rental Agreement

The company entered into a related party transaction with Hittco Industries Private Limited for machinery rental. The agreement details include:

The arrangement is expected to improve operational efficiency and capacity utilization for the company's manufacturing operations.

Regulatory Compliance

All decisions were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board also considered a valuation report from a registered valuer as part of the decision-making process for the preferential allotment.

Hittco Tools Limited's board of directors conducted a comprehensive meeting on January 19, 2026, addressing multiple corporate actions and strategic decisions. The meeting, held at the company's registered office in Bangalore, commenced at 10:00 AM and concluded at 3:00 PM, covering significant matters related to equity allotment, share forfeiture, and board appointments.

Preferential Allotment of Equity Shares

The board approved the issuance and allotment of up to 4,45,000 equity shares on a preferential basis, structured across promoter and non-promoter categories. The allotment will be conducted in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, subject to regulatory and shareholder approvals.

Yash Vardhan Bhandari currently holds 1,18,700 equity shares, while Mr. Shreyans Bhandari has no existing shareholding in the company. The pricing has been determined in accordance with SEBI ICDR Regulations.

Share Forfeiture and Cancellation

The board approved the forfeiture of 2,47,600 partly paid equity shares with a face value of ₹10.00 each due to non-payment of call money as per the terms of issue. The forfeited shares will be cancelled, and the Register of Members will be updated accordingly. The affected shareholders include major stakeholders such as Foresight Financial Services Ltd, which accounts for 1,96,200 shares of the total forfeiture.

Board Appointments and Corporate Governance

Following recommendations from the Nomination and Remuneration Committee, the board appointed Mr. Ranjan Kotekar as Additional Independent Director. Mr. Kotekar brings over 10 years of management experience and holds DIN Number 02964263. The appointment is effective from January 19, 2026.

The board also appointed M/s Manjeet & Associates, Company Secretary in practice, as Scrutinizer for conducting the postal ballot process to ensure fair and transparent proceedings.

Related Party Transaction

The company entered into a machinery rental agreement with Hittco Industries Private Limited, a promoter group entity. The arrangement involves manufacturing equipment rental to enhance production capacity and operational efficiency.

Regulatory Compliance

The board cancelled the special resolution passed by shareholders at the 31st Annual General Meeting held on September 30, 2025, regarding the previous preferential allotment approval. This cancellation paves the way for fresh resolution and approval processes. The company will make necessary disclosures and filings with statutory authorities in compliance with applicable laws for all approved actions.