Praxis Home Retail Limited , a prominent player in the retail sector, held its 14th Annual General Meeting (AGM) on September 29, 2025, where shareholders approved several significant appointments and financial resolutions. The meeting, conducted through video conferencing, saw active participation from shareholders who cast their votes on five key resolutions.

Re-appointment of Non-Executive Director

Mr. Samsun Samuel (DIN: 07523995) was re-appointed as a Non-Executive Non-Independent Director of the company. Samuel, an engineer by profession, brings over 25 years of diverse experience spanning manufacturing, consulting, IT, and supply chain industries. His extensive career includes roles with renowned organizations such as Best Buy, Staples, Lowes, Future Group, and Wipro. Currently serving as the CEO of Future Consumer Limited, Samuel's expertise in retail, distribution, go-to-market strategies, IT strategy, and operations is expected to contribute significantly to Praxis Home Retail's growth trajectory.

New Secretarial Auditor Appointed

In a move to strengthen its corporate governance, the company appointed Mr. Anant Gude as the Secretarial Auditor for a term of five consecutive years, from the financial year 2025-26 to 2029-30. Gude, the proprietor of Anant Gude & Associates, is a Practicing Company Secretary with over 40 years of rich experience. His expertise in secretarial audits and corporate compliance across various industries is set to enhance Praxis Home Retail's regulatory adherence.

Financial Resolutions Approved

The AGM also saw the approval of two significant financial resolutions:

1. Shareholders gave their nod to a Material Related Party Transaction involving the waiver of a loan and interest payable by the company, amounting to Rs. 8,806.58 lakhs.

2. Another Material Related Party Transaction for borrowings by the company, totaling Rs. 3,345.08 lakhs, was approved. These loans will carry an interest rate of 12% per annum and are to be repaid in three installments.

Voting Results

The voting results, as scrutinized by Mr. Anant Gude, revealed overwhelming support for all resolutions:

The strong shareholder support for these resolutions indicates confidence in the company's management and strategic direction. As Praxis Home Retail moves forward with these key appointments and financial decisions, it appears well-positioned to navigate the dynamic retail landscape in India.

Mangal Bhanshali, a significant shareholder in Praxis Home Retail Ltd. , has reported a change in his shareholding percentage following a rights issue by the company. The alteration in stake comes as a result of an increase in the company's total equity share capital, rather than a sale of shares by Bhanshali.

Shareholding Details

Prior to the rights issue allotment on August 26, 2025, Bhanshali held 1,75,47,494 shares, which represented 12.98% of the company's voting capital. Following the allotment of 4,98,00,000 rights equity shares, Bhanshali's holding percentage decreased to 9.49% of the voting capital, while maintaining the same number of shares.

Rights Issue Impact

The rights issue has led to a significant expansion of Praxis Home Retail's equity base. The company's total equity share capital after the rights issue now stands at 18,49,15,902 shares, up from 13,51,15,902 shares before the issue.

Disclosure and Compliance

In compliance with regulatory requirements, Bhanshali filed a disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure, dated September 6, 2025, was submitted to the Bombay Stock Exchange, detailing the change in shareholding due to the corporate action.

Key Points

It's worth noting that Bhanshali is not part of the promoter group of Praxis Home Retail Ltd. The company's shares are listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

This change in percentage holding, resulting from the dilution effect of the rights issue, underscores the impact of corporate actions on individual shareholding proportions, even when the absolute number of shares held remains constant.