Sejal Glass Limited , a prominent player in the glass industry, has received shareholder approval for two significant proposals at its 27th Annual General Meeting (AGM) held on September 30. The company's strategic moves include a substantial fundraising initiative and the re-appointment of a key board member.

Fundraising Through Preference Shares

Shareholders gave their nod to a fundraising proposal that will see the company raise up to Rs 24.00 crore through the issuance of Non-Cumulative Redeemable Preference Shares (NCRPS) via private placement. The fundraising plan involves the issuance of 24,00,000 preference shares, each with a face value of Rs 100.00.

M/s. Dilesh Roadlines Private Limited, a promoter entity, has been identified as the investor for this private placement. This move is expected to strengthen the company's financial position, subject to necessary regulatory and statutory approvals.

Director Re-appointment

In another key development, Mr. Vijay Vasanji Mamania was re-appointed as a Non-Independent Non-Executive Director. Mr. Mamania, who was liable to retire by rotation, offered himself for re-appointment and received shareholder approval. Sejal Glass Limited confirmed that Mr. Mamania has not been debarred from holding a directorship by any regulatory authority, ensuring compliance with corporate governance norms.

Additional AGM Proceedings

The AGM, which commenced at 11:00 a.m. and concluded at 12:35 p.m., also saw the approval of other routine matters:

• Adoption of Audited Standalone and Consolidated Financial Statements
• Appointment of Secretarial Auditor
• Approval of remuneration for Mr. Jiggar Savla, Whole-Time Director

Corporate Governance and Transparency

Sejal Glass Limited demonstrated its commitment to corporate governance by engaging CS Harshad Pusalkar of Pusalkar & Co., a peer-reviewed firm, as the Secretarial Auditor for a five-year term from FY 2025-26 to FY 2029-30.

The company ensured transparency in the voting process by providing remote e-voting facilities through the National Securities Depository Limited (NSDL) platform, allowing shareholders to cast their votes electronically.

These developments indicate Sejal Glass Limited's focus on financial strengthening and maintaining strong corporate governance practices. The fundraising initiative may provide the company with additional capital for potential growth opportunities or debt reduction, depending on its strategic priorities.

Sejal Glass Limited has successfully completed its preferential allotment of equity shares and convertible warrants, raising Rs. 94.35 crore as previously announced. The company's Implementation Committee of Directors approved the allotment on December 17, 2025, marking the completion of this significant fundraising initiative.

Allotment Details

The company has allotted securities as per the original proposal:

Major Allottees - Equity Shares

The equity shares have been distributed among various categories of investors:

Additional promoter group members received smaller allocations ranging from 4,000 to 8,000 shares each, including members of the Gosar, Savla, Rambhiya, Chheda, Tanna, Gada, Mamania, Bheda, and Shah families.

Convertible Warrants Distribution

The 4,00,000 convertible warrants have been allotted to promoter group entities:

Warrant Conversion Terms

The convertible warrants carry the right to subscribe to one equity share of face value Rs. 10.00 each at a premium of Rs. 545.00 per equity share. Warrant holders can exercise their conversion rights within 18 months from the allotment date, with 25% upfront payment required and the remaining 75% due upon conversion.

Regulatory Compliance

The preferential allotment has been conducted in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable regulatory guidelines. The company has informed both BSE and NSE about the completion of this allotment process.

This successful fundraising strengthens Sejal Glass Limited's financial position and provides the company with additional capital for its growth initiatives and operational requirements.