Ramkrishna Forgings Issues EGM Clarifications on ₹199.92 Crore Warrant Issue

Ramkrishna Forgings Limited has issued regulatory clarifications regarding its recently approved ₹199.92 crore preferential warrant issue following queries from stock exchanges. The company submitted detailed clarifications on December 23, 2025, addressing specific points raised by BSE Limited and National Stock Exchange of India Limited regarding the Extraordinary General Meeting (EGM) held on December 12, 2025.

EGM Approval and Overwhelming Support

The EGM, conducted from 11:30 AM to 12:04 PM IST on December 12, 2025, saw exceptional shareholder support for the preferential issue of convertible warrants to promoter Chaitanya Jalan. The meeting was chaired by Mr. Lalit Kumar Khetan, Whole-time Director & CFO, with 55 members participating through video conferencing.

EGM Details:	Information
Meeting Date:	December 12, 2025
Meeting Duration:	11:30 AM to 12:04 PM IST
Attendance:	55 members
Mode:	Video Conferencing/OAVM
Chairman:	Mr. Lalit Kumar Khetan

Voting Results and Shareholder Confidence

The special resolution received overwhelming approval with 255 members participating in the voting process. The results demonstrated strong shareholder confidence in the company's strategic direction.

Voting Summary:	Details
Total Voters:	255 members
Remote E-voting:	241 members
EGM Electronic Voting:	14 members
Votes in Favour:	1,10,55,73,96 shares (99.91%)
Votes Against:	1,04,799 shares (0.09%)
Approval Status:	Passed with requisite majority

Warrant Issue Parameters

The approved preferential issue involves 34,00,000 fully convertible warrants to promoter Chaitanya Jalan at ₹588.00 per warrant, raising a total of ₹199.92 crore.

Issue Parameters:	Details
Number of Warrants:	34,00,000
Issue Price:	₹588.00 per warrant
Total Fundraise:	₹199.92 crore
Allottee:	Chaitanya Jalan (Promoter)
Conversion Ratio:	1 warrant = 1 equity share (₹2.00 face value)
Conversion Period:	Within 18 months from allotment

Revised Fund Utilization Timeline

Following stock exchange queries, the company has clarified the timeline for fund utilization. The funds will be deployed in tranches as warrant conversions occur.

Fund Utilization:	Amount (₹ Crores)	Timeline
Debt Repayment:	149.94	Within 24 months from receipt
General Corporate Purposes:	49.98	Within 24 months from receipt
Total:	199.92	Maximum 24 months

Updated Shareholding Pattern

The company has provided revised shareholding details following regulatory clarifications. Post-conversion, the promoter group's stake will increase from 43.13% to 44.47%.

Shareholding Changes:	Pre-Issue	Post-Conversion
Chaitanya Jalan:	16,82,900 shares (0.93%)	50,82,900 shares (2.74%)
Riddhi Portfolio Pvt Ltd:	6,05,57,039 shares (33.45%)	6,15,32,039 shares (33.17%)
Total Promoter Group:	7,80,69,606 shares (43.13%)	8,24,44,606 shares (44.47%)

Regulatory Compliance and Oversight

The preferential issue complies with SEBI ICDR Regulations, 2018, with all regulatory requirements being met. The clarifications were submitted pursuant to applications filed with stock exchanges for in-principle approval. India Ratings & Research Private Limited continues as the Monitoring Agency to oversee fund utilization, as mandated for issues exceeding ₹100.00 crore.

The warrant holders will pay 25% of the warrant price at subscription, with the balance due at conversion. This strategic fundraising initiative positions the company to strengthen its balance sheet through debt reduction while maintaining financial flexibility for future growth opportunities in the forging industry.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.32%	+1.78%	-2.78%	-22.22%	-42.97%	+405.53%

Ramkrishna Forgings Limited, a leading manufacturer of forged components, has announced that its Board of Directors has approved a request from Ramkrishna Rail Infrastructure Private Limited (RRIPL) to be reclassified from the 'Promoter Group' category to the 'Public' category of shareholders.

Request Details

RRIPL currently holds 65,00,000 equity shares, representing 3.59% of Ramkrishna Forgings' total equity share capital. The entity has stated that it is not directly or indirectly associated with the company's business operations and does not have any control over the management or policy decisions.

Rationale and Compliance

In its rationale, RRIPL confirmed that:

It is not engaged in the management or operations of Ramkrishna Forgings in any manner.
None of the members of the Promoter & Promoter Group of Ramkrishna Forgings controls more than one-half of the total voting power of RRIPL or controls the composition of RRIPL's Board.

The Board noted that RRIPL meets all criteria specified under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations for reclassification.

Approval Process

The reclassification request is subject to the following approvals:

Receipt of no-objection from the Stock Exchanges
Approval from the shareholders of Ramkrishna Forgings

Next Steps

Ramkrishna Forgings will undertake the application process to the Stock Exchanges in due course. The company will also seek shareholder approval as required by regulations.

This move is part of Ramkrishna Forgings' ongoing efforts to align its shareholding structure with the current operational realities of the company. The reclassification, if approved, may potentially impact the company's shareholding pattern and could have implications for future corporate actions.

Investors and stakeholders should note that this reclassification is subject to regulatory and shareholder approvals, and the final outcome may affect the company's ownership structure.