Maruti Interior Products Limited has finalized the timeline for its ₹45.30 crore rights issue, with the Rights Issue Committee approving March 18-24, 2026 as the issue period during its meeting on March 11, 2026. The company had earlier confirmed March 12, 2026 as the record date following BSE approval received on March 05, 2026.

Rights Issue Timeline and Structure

The Rights Issue Committee has established a comprehensive timeline for the offering, providing clear dates for various phases of the rights issue process.

Issue Parameters and Pricing

The rights issue maintains its previously announced structure with shares priced at ₹10 per equity share with no premium component.

Letter of Offer and Committee Decisions

The Rights Issue Committee approved the Letter of Offer dated March 11, 2026 for the issuance of 4,53,00,000 Rights Equity Shares. The committee meeting was conducted from 4:00 PM to 5:15 PM, with Managing Director Paresh Purushotam Lunagaria overseeing the proceedings.

The Board of Directors and Rights Issue Committee retain the right to extend the issue closing date, subject to the issue period not exceeding 30 days from the issue opening date, including the opening date.

Impact on Equity Structure

Upon successful completion, the rights issue will significantly expand the company's equity base:

The rights entitlements will be credited in dematerialized form to eligible shareholders' demat accounts through NSDL and CDSL arrangements, following SEBI circular requirements and compliance with LODR Regulations 2015.

Maruti Interior Products Limited has announced significant changes to its board structure following a meeting held on February 27, 2026. The company's Board of Directors convened at 6:30 P.M. at the registered office to consider and approve key leadership transitions that will reshape the company's governance framework.

Board Designation Changes

The most notable change involves Mrs. Parul Paresh Lunagaria (DIN: 09157413), who has transitioned from her role as Executive Director to Non-Executive Director. This change, effective from February 27, 2026, was approved based on recommendations from the Nomination and Remuneration Committee.

As a consequence of this designation change, Mrs. Lunagaria's executive remuneration, including salary, perquisites, and other benefits, has been discontinued with effect from February 27, 2026. Going forward, she will be entitled only to sitting fees for attending Board and Committee meetings, within statutory limits.

New Chairperson Appointment

In a parallel development, the Board has appointed Mr. Nipun Mahendrabhai Doshi (DIN: 09398522) as the new Chairperson of the Board. Mr. Doshi, who was already serving as an Independent Director, will continue in his independent capacity while taking on the additional responsibility of leading the Board.

Director Profiles and Experience

Mrs. Parul Paresh Lunagaria brings extensive experience in Human Resource Development, with special focus on welfare and development of women workers. She has been primarily engaged in HR activities, possessing practical exposure in workforce coordination, employee support functions, and women-centric workplace initiatives. Her contributions have strengthened employee relations and maintained a supportive work environment, particularly for women employees.

Mr. Nipun Mahendrabhai Doshi is a practicing Advocate with over 13 years of experience in Civil and Revenue matters. He brings significant legal and regulatory experience in banking, recovery, property, and revenue matters to his role as Chairperson.

Governance and Compliance Framework

The newly appointed Chairperson will maintain his status as a Non-Executive Independent Director, with no changes to his independence status or tenure. The appointment represents an internal restructuring of leadership roles rather than a fundamental change in board composition. Mr. Doshi's remuneration structure remains unchanged, with entitlement limited to sitting fees and commission, excluding any additional remuneration for the Chairperson role.

Both appointments have been made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has confirmed that neither Mrs. Lunagaria nor Mr. Doshi is debarred from holding directorial positions by any SEBI order or other regulatory authority, in accordance with BSE circular requirements.

Family Relationships and Disclosures

As part of mandatory disclosures, the company has revealed that Mrs. Parul Paresh Lunagaria maintains family relationships within the organization. She is the spouse of Mr. Paresh Purushotam Lunagaria (the Managing Director), mother of Mr. Nirbhay Paresh Lunagaria and Mr. Nirmal Paresh Lunagaria, and daughter-in-law of Mr. Purushotam Rudabhai Lunagaria. No such relationships were disclosed for the newly appointed Chairperson, Mr. Doshi.

The Board meeting, which began at 6:30 P.M., concluded at 7:00 P.M. on February 27, 2026, with all necessary regulatory filings and disclosures being submitted to the BSE Limited as required under applicable regulations. The revised outcome was communicated to BSE on March 02, 2026.