Saraswati Commercial (India) Limited , a Non-Banking Financial Company (NBFC), has made a significant move in its investment portfolio by completing the balance payment for converting warrants into equity shares of Precision Wires India Limited (PWIL). This corporate action represents a strategic investment in the manufacturing sector, aligning with Saraswati Commercial's business model of investing in shares and securities.

Key Transaction Details

About Precision Wires India Limited

Precision Wires India Limited, the target of this investment, is a well-established player in the electrical and electronics industry. Here are some key facts about PWIL:

PWIL specializes in producing enameled round and rectangular copper winding wires, continuously transposed conductors (CTC), and paper/mica/nomex insulated copper conductors (PICC). These products cater to various applications in the electrical and electronics industries.

Transaction Timeline and Implications

Saraswati Commercial had initially paid 25% of the total consideration. The recent balance payment of ₹22.65 crore, made on October 15, completes the transaction. The conversion of warrants into equity shares is expected to be finalized by October 31.

This investment is significant for Saraswati Commercial, as it exceeds 2% of the company's net worth based on its last audited consolidated financial statements. The move is part of Saraswati Commercial's ordinary course of business as a financial investor, potentially aiming to diversify its portfolio and capitalize on the growth prospects in the manufacturing sector.

For Precision Wires, this investment could provide additional capital to support its operations and growth strategies in the competitive electrical and electronics components market.

As the Indian manufacturing sector continues to evolve, particularly in electrical and electronic components, this strategic investment by Saraswati Commercial in Precision Wires India Limited reflects the ongoing interest in companies with established market presence and growth potential in the sector.

Saraswati Commercial (India) Limited has announced several key decisions following its board meeting held on August 13, 2025. The company's board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, and set the stage for its upcoming 42nd Annual General Meeting (AGM).

Annual General Meeting and Book Closure

The 42nd AGM is scheduled for September 25, 2025, and will be conducted through video conferencing. In preparation for the AGM, the company's share transfer books will remain closed from September 18 to September 25, 2025. The e-voting period for shareholders will commence on September 21 at 9:00 a.m. IST and conclude on September 24 at 5:00 p.m. IST.

Director Reappointments

The board has approved several key reappointments, subject to shareholder approval at the AGM:

1. Mr. Sandeep Kumar Kejariwal has been reappointed as a Director of the company.
2. Ms. Neha Bandyopadhyay has been reappointed as a Non-Executive Independent Director for a second term of five consecutive years, effective from February 11, 2026.
3. Mrs. Rupal Vora has also been reappointed as a Non-Executive Independent Director for a second term of five consecutive years, effective from April 28, 2026.

Auditor Changes

In a significant move, the company announced changes to its statutory auditors:

1. M/s. Ajmera Ajmera & Associates (FRN: 123989W) have resigned as the Statutory Auditors of the company. The resignation comes in light of the RBI Guidelines for Appointment of Statutory Auditors, which require NBFCs with an asset size exceeding Rs. 1,000 crore to meet specific eligibility criteria for their auditors.

2. The board has appointed M/s. GBCA & Associates LLP, Chartered Accountants (FRN: 103142W/W100292) as the new Statutory Auditors. They will serve for a term of three consecutive years, from the conclusion of the 42nd AGM until the conclusion of the 45th AGM, subject to shareholder approval.

About the New Auditors

M/s. GBCA & Associates LLP, established in 1955, brings a wealth of experience to Saraswati Commercial. The firm boasts nine partners, four of whom hold a Diploma in Information Systems Audit. All partners are full-time practitioners with extensive experience in accounting, auditing, finance, internal financial control, quality control, and various tax law matters.

These developments mark significant changes in Saraswati Commercial's governance structure and financial oversight, aligning the company with regulatory requirements and setting the stage for its future operations.