Mid East Portfolio Management Limited has announced a correction to its earlier disclosure regarding an increase in authorized share capital, along with other significant corporate actions.

Correction in Authorized Share Capital

The company has updated its earlier announcement regarding the increase in authorized share capital. A clerical oversight in the previous disclosure about the existing capital structure has been corrected. The actual existing authorized share capital is ₹10.00 crore, comprising 80 lakh equity shares of ₹10 each and 2 lakh preference shares of ₹100 each. Mid East Portfolio Management now proposes to increase its authorized share capital from ₹10.00 crore to ₹27.05 crore, comprising 2.50 crore equity shares of ₹10 each and 2 lakh preference shares of ₹100 each. This error was identified by the newly constituted Committee for Preferential Issue while reviewing the proposed capital structure.

Preferential Issue of Convertible Warrants

The company's board has approved the issuance of 60 lakh convertible equity warrants to 17 non-promoter investors at ₹25.00 per warrant. This move is set to raise ₹15.00 crore through preferential allotment. The warrants, each convertible into one equity share, can be exercised within 18 months of allotment. Investors are required to pay 25% upfront, with the remaining 75% due upon conversion to equity shares.

Key Appointments and Re-appointments

Managing Director Re-appointment

The board has approved the re-appointment of Mr. Kishor A. Shah as Managing Director. Mr. Shah, who holds a 6.58% stake in the company, brings experience in managing investments and consulting services.

Independent Director Re-appointment

The board has recommended the re-appointment of Mr. Shrikant Govind Nakhe as an Independent Director for a second three-year term, from October 2025 to September 2028. Mr. Nakhe, with a background in Chemistry, contributes expertise in business consultancy and networking.

New Statutory Auditor

M/s. Motilal & Associates LLP has been appointed as the statutory auditor for one year, from the 34th to the 35th Annual General Meeting. The firm, established in 1985, brings over three decades of professional experience to the role.

Annual General Meeting

The 34th Annual General Meeting is scheduled for September 30, 2025, and will be conducted via video conferencing. The company has set the dates for closing the Register of Members and Transfer Books from September 24 to September 30, 2025.

These strategic decisions, including the capital raise through warrant issuance, the key board appointments, and the correction in the authorized share capital increase proposal, indicate Mid East Portfolio Management's focus on strengthening its financial position and governance structure.

Mid East Portfolio Management , a company listed on the Bombay Stock Exchange (BSE), has reported a significant change in its promoter shareholding. Jyoti Kishor Shah, a key member of the company's promoter group, has reduced her stake in the firm through an open market transaction.

Transaction Details

Jyoti Kishor Shah sold 50,000 equity shares of Mid East Portfolio Management, representing 0.99% of the company's total share capital. This transaction has altered the promoter's shareholding in the following manner:

Impact on Shareholding

The sale has resulted in a reduction of Shah's shareholding from 11.82% to 10.82% of the company's total equity. Despite this decrease, Jyoti Kishor Shah remains a significant shareholder and continues to be part of the promoter group.

Company Overview

Mid East Portfolio Management has a total paid-up capital of Rs. 5.03 crore, comprising 50.3 lakh shares with a face value of Rs. 10 each. The company's shares are listed on the Bombay Stock Exchange.

Regulatory Compliance

In compliance with the Securities and Exchange Board of India (SEBI) regulations, specifically Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the company has duly informed the BSE about this transaction. The disclosure includes details of the sale, the impact on shareholding, and confirms that the transaction was conducted through the open market.

Management Statement

Kishor Amichand Shah, the Managing Director of Mid East Portfolio Management, has officially communicated this change to the BSE, ensuring transparency in the company's dealings and adherence to regulatory requirements.

This transaction highlights the dynamic nature of shareholding patterns in listed companies and underscores the importance of timely disclosures to maintain market transparency.