Kavveri Defence & Wireless Technologies Limited has successfully completed the allotment of 1,85,00,000 equity shares through warrant conversion at its board meeting held on March 05, 2026. The company raised ₹22.20 crore from 16 investors, including promoters and non-promoter categories, at an issue price of ₹16 per share including a premium of ₹6 each.

Board Meeting Outcome and Share Allotment

The board meeting, originally scheduled to consider warrant conversion matters, concluded with the approval of equity share allotment to warrant holders. The allotment was completed on a preferential basis upon receipt of 75% of the issue price per warrant from eligible allottees.

Allottee Details and Distribution

The warrant conversion involved both promoter and non-promoter categories, with the largest allocations going to promoter group members. Uma Reddy C received the highest allocation of 27,50,000 shares, followed by Chennareddy Rohit Reddy and Ruma Reddy Chenna Reddy with 22,50,000 and 22,20,000 shares respectively.

Impact on Share Capital Structure

Following the allotment, the company's paid-up equity share capital has increased significantly from ₹34,37,42,600 comprising 3,43,74,260 equity shares to ₹52,87,42,600 comprising 5,28,74,260 equity shares of face value ₹10 each.

Regulatory Compliance and Documentation

The allotment was conducted in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and proper disclosures were made under Regulation 30 of SEBI LODR Regulations, 2015. The company notified both BSE Limited and National Stock Exchange of India Limited about the completion of the allotment process.

The warrants were originally allotted on September 10, 2024, with warrant holders having 18 months from the allotment date to exercise their conversion rights. The current conversion represents the exercise of these rights with payment of the balance 75% consideration.

Kavveri Defence & Wireless Technologies Limited announced its unaudited financial results for the third quarter of FY26 ended December 31, 2025, during a board meeting held on February 14, 2026. The company, which operates in radio frequency products and antennas for defence and wireless technologies, reported mixed financial performance alongside several key corporate governance decisions.

Financial Performance Overview

The company's standalone financial results showed revenue from operations of ₹50.36 crores for Q3 FY26, compared to ₹109.04 crores in the previous quarter. Other income for the quarter stood at ₹4.83 crores, bringing total income to ₹54.51 crores.

Consolidated Results

On a consolidated basis, the company reported revenue from operations of ₹185.14 crores for Q3 FY26, with total income reaching ₹157.79 crores after accounting for other income of ₹9.25 crores. The consolidated operations resulted in a net loss of ₹59.56 lakhs for the quarter.

Key Corporate Governance Changes

The board meeting addressed several important organizational changes. Ms. Renu Choudhary resigned from her position as Company Secretary and Compliance Officer effective February 14, 2026, after business hours, citing personal reasons. The resignation was formally communicated to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The company has appointed Ms. Vijayalaxmi S. Salimath as the new Company Secretary and Compliance Officer, effective February 16, 2026. Ms. Salimath is an Associate Member of the Institute of Company Secretaries of India with 3-4 years of experience in corporate compliance and secretarial functions.

Committee Restructuring and Related Party Transactions

The board approved the re-constitution of the CSR Committee with the following composition:

Additionally, the board approved a related party transaction involving a rental/lease agreement with family members of key management personnel. The proposed rent is ₹6.00 lakhs per month, aggregating to ₹72.00 lakhs per annum for an 11-month tenure, representing 4.2% of the company's annual consolidated turnover.

Audit Observations

The auditors issued a qualified opinion on the consolidated financial statements, noting that several subsidiary companies' results were not included in the consolidation. The excluded subsidiaries include Kavveri Telecom Infrastructure Limited (undergoing insolvency process), Spotwave Wireless Ltd (undergoing bankruptcy proceedings in Canada), and other non-operating companies. The auditors also highlighted that certain balances of loans, trade payables, and receivables are subject to confirmation and reconciliation.