Sterlite Technologies Limited has successfully concluded its postal ballot process, with shareholders demonstrating strong support for the company's board composition by approving two key resolutions related to Independent Director appointments. The results, declared on March 02, 2026, reflect overwhelming shareholder confidence in the proposed leadership changes.

Postal Ballot Results Overview

The company conducted the postal ballot exclusively through remote e-voting, with participation from 715 members holding 29,74,48,170 shares out of the total 2,24,585 members holding 48,81,04,085 shares as on the cut-off date of February 23, 2026. The e-voting process was conducted from January 30, 2026, to February 28, 2026, under the supervision of scrutinizer Mr. B Narasimhan from BN & Associates.

Resolution 1: Re-appointment of Bangalore Jayaram Arun

Shareholders approved the re-appointment of Mr. Bangalore Jayaram Arun (DIN: 02497125) as an Independent Director through a Special Resolution. The voting results demonstrated strong support across all shareholder categories.

Resolution 2: Appointment of Sathia Jeeva Krishnan Chidambara

The appointment of Mr. Sathia Jeeva Krishnan Chidambara (DIN: 02179550) as an Independent Director received even stronger support, with 99.99% votes in favour.

Scrutinizer's Report and Compliance

The postal ballot process was conducted in accordance with Sections 108 and 110 of the Companies Act, 2013, and Regulation 44 of the SEBI Listing Regulations. Mr. B Narasimhan, Proprietor of BN & Associates and Practicing Company Secretary (Membership No. FCS 1303), was appointed as the scrutinizer for the postal ballot process.

The scrutinizer confirmed that both resolutions were passed with the requisite majority, with the results deemed effective from February 28, 2026. The votes were unblocked in the presence of witnesses Ms. Swati Jha and Mr. Aashaye Kumar, as prescribed under the Companies (Management and Administration) Rules, 2014.

Process Implementation

KFin Technologies Limited served as the Registrar and Share Transfer Agent, providing the e-voting platform with Electronic Voting Event Number 9404. The company sent postal ballot notices via email to 2,08,792 members who had registered their email addresses. For members without registered email addresses, public notices were published in Financial Express (English) and Loksatta (Marathi) newspapers on January 29, 2026.

The voting results and scrutinizer's report are available on the company's website at www.stl.tech and on KFin Technologies' e-voting portal at evoting.kfintech.com, ensuring transparency and accessibility for all stakeholders.

Sterlite Technologies Limited has successfully concluded its board meeting held on February 7, 2026, approving a significant fund raising proposal through convertible warrants. The board has approved the issuance of up to 4.53 crore convertible warrants to its promoter Twin Star Overseas Limited, valued at ₹498.30 crore.

Board Meeting Outcome

The board meeting, which commenced at 10:00 am and concluded at 11:15 am on February 7, 2026, deliberated on multiple strategic initiatives. The company has formally notified both National Stock Exchange and BSE Limited about the meeting outcomes in compliance with Regulation 30 of SEBI Listing Regulations.

Convertible Warrant Issuance Approval

The board has approved the creation, issuance and allotment of up to 4,53,00,000 convertible warrants to Twin Star Overseas Limited, the company's promoter. Each warrant is priced at ₹110, including both subscription and exercise price, aggregating to a total issue size of ₹498,30,00,000.

Each warrant is convertible into one equity share of face value ₹2 at a premium of ₹108 per share. The warrants can be exercised in one or more tranches during an 18-month period commencing from the allotment date. Unexercised warrants will lapse after this period, with amounts paid being forfeited.

Articles of Association Amendments

The board has approved amendments to the company's Articles of Association pursuant to Sections 5 and 14 of the Companies Act, 2013. These amendments incorporate specific clauses related to the issuance of non-convertible and convertible securities, including convertible warrants, along with clarificatory amendments pertaining to further issue of securities.

Shareholding Impact Analysis

The preferential issue will significantly impact the promoter's shareholding pattern in the company. Twin Star Overseas Limited's stake will increase from the current 42.90% to 47.75% on a fully diluted basis post-allotment.

Extraordinary General Meeting Convening

To obtain shareholder approval for the aforementioned matters, the board has decided to convene an Extraordinary General Meeting on March 4, 2026. The EGM will be conducted through video conferencing and other audio-visual means, ensuring broader shareholder participation.

The notice for the EGM will be sent separately to stock exchanges and shareholders, and will be made available on the company's website. All proposed securities issuances remain subject to obtaining requisite approvals from regulatory and statutory authorities, along with shareholder consent at the upcoming EGM.