Chowgule Steamships Limited has disclosed a substantial acquisition of shares by its promoter Mr. Umaji Vishwasrao Chowgule under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction involved the acquisition of equity shares through an off-market gift mechanism on December 11, 2025.

Transaction Details

The acquisition involved 1,14,210 equity shares, representing 0.315% of the company's total share capital. The shares were acquired through an off-market gift transaction, with the disclosure being submitted in the prescribed format as required by SEBI guidelines.

Shareholding Pattern Changes

Following the acquisition, Mr. Umaji Vishwasrao Chowgule's total shareholding in Chowgule Steamships Limited increased from 2,57,971 shares to 3,72,181 shares. This represents an increase in his voting rights from 0.71% to 1.025% of the company's total voting capital.

The company's equity share capital remained unchanged at ₹36,30,84,250 both before and after the transaction. The promoter held no encumbered shares, voting rights other than through shares, or convertible securities before or after the acquisition.

Regulatory Compliance

The disclosure was made pursuant to Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company noted that an earlier disclosure regarding this acquisition was submitted on December 15, 2025, in letter format, and the current submission provides the information in the prescribed regulatory format.

The acquisition strengthens the promoter's stake in the company while maintaining compliance with all applicable regulatory requirements for substantial share acquisitions.

Chowgule Steamships Limited has successfully concluded its Extraordinary General Meeting on January 8, 2026, with shareholders overwhelmingly approving the proposed director remuneration. The development follows the company's mixed financial performance for the half-year ended September 30, 2025.

EGM Voting Results

The shareholders approved the remuneration proposal for Mr. Vijay Vishwasrao Chowgule with an overwhelming majority. The voting results demonstrate strong shareholder confidence in the company's leadership.

The meeting was held at 11:00 A.M. at 3rd Floor, Centenary, Baina, Vasco-Da-Gama, Goa, with 43 members present personally and 2 proxies. CS Pranay Vaidya of Pranay D. Vaidya & Co. served as the scrutinizer for the voting process.

Approved Director Remuneration Structure

The shareholders have approved Mr. Vijay Vishwasrao Chowgule's remuneration as Whole-Time Director, effective from December 1, 2025 to September 26, 2027.

Mr. Vijay Chowgule, aged 79 years, has been associated with the company since 1991 and serves as Whole-Time Director since September 27, 2022.

Financial Performance Overview

The company had earlier released its unaudited financial results for the half-year ended September 30, 2025, showing a challenging period with declining revenues and profitability.

*Non-annualized

Despite the revenue decline, the company maintained profitability, demonstrating resilience in challenging market conditions within the shipping sector.

Corporate Governance and Compliance

The company demonstrated strong corporate governance practices throughout the EGM process. The voting was conducted through both remote e-voting facility (January 4-7, 2026) and poll voting at the meeting venue.

The company had earlier issued a corrigendum addressing an inadvertent omission in the resolution heading, ensuring proper procedural compliance for the special resolution approval process. The overwhelming approval reflects shareholder confidence in the company's management and strategic direction despite current market challenges in the shipping industry.