Sanmit Infra Limited announced significant corporate developments following its board meeting held on February 4, 2026. The company's board approved multiple strategic decisions including loan agreements, leadership changes, and capital restructuring proposals that will require shareholder approval.

Term Loan Approval from SIDBI

The board approved the terms and conditions of a Letter of Intent for a term loan received from Small Industries Development Bank of India (SIDBI) under the STEP scheme. The loan details are structured as follows:

The loan is secured by primary security including first/second charge by way of hypothecation of current assets, and collateral security featuring CGTMSE coverage of Rs. 170 Lakh and a fixed deposit of Rs. 30 Lakh with SIDBI.

Leadership and Board Changes

The board recorded several key personnel changes affecting the company's leadership structure:

Nandkumar Gorkhnath Patil brings over 20 years of experience in electronics and biomedical fields, holding a B.Tech degree in Electronics & Communication Engineering.

Share Consolidation Proposal

The board recommended a share consolidation proposal that will be presented to shareholders for approval. The consolidation structure maintains the same paid-up capital while changing the face value:

The consolidation aims to align the share capital structure with the company's long-term business and growth strategy while maintaining proportionate shareholding for all investors.

Board Committee Reconstitution

Following the directorial changes, the company reconstituted all major board committees including Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, Risk Management Committee, Corporate Social Responsibility Committee, and Business Responsibility and Sustainability Committee. The committees now comprise four to five members each, with appropriate chairperson appointments ensuring compliance with regulatory requirements.

Extraordinary General Meeting

The board approved convening an Extraordinary General Meeting on March 18, 2026 at 1:00 p.m. through video conference to seek shareholder approval for the proposed share consolidation. The company has appointed CDLSL for e-voting facilities and Purva Sharegistry (India) Pvt Ltd for VC facility, with M/s. Ramesh Chandra Mishra & Associates serving as scrutinizer for the e-voting process. The board meeting commenced at 3:00 p.m. and concluded at 6:45 p.m. on February 4, 2026.

Sanmit Infra Limited has disclosed receiving a Letter of Intent from Small Industries Development Bank of India (SIDBI) for financial assistance under the STEP scheme. The company made this announcement through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Loan Details and Purpose

The term loan facility amounts to Rs 200 lakh and is designated for working capital requirements at the company's manufacturing unit. The facility will support operations at the unit located at Malmatta No.239, Survey No.6, Hissa No.4, Maniknagar (Talavali), Khalapur, Raigad, Maharashtra-410202.

Terms and Conditions

The loan agreement includes specific timelines and financial terms that the company must adhere to. The facility carries an interest rate of 8.85% per annum with monthly rests on the outstanding loan amount.

Key Timeline Requirements:

• Loan Agreement Execution: Within 2 months from Letter of Intent date
• First Disbursement: Within 3 months from Letter of Intent date
• Final Disbursement: Within 9 months from Letter of Intent date
• Moratorium Period: 6 months from first disbursement
• Repayment: 54 monthly installments after moratorium

Financial Terms:

• Penal Charges: 2% on delayed/non-payment, 1% on compliance delays
• Prepayment Charges: 3% of prepaid amount plus applicable GST
• Interest Payment: Monthly on 10th of each month
• CGTMSE Guarantee Fee: 1% annually on guaranteed/outstanding amount

Security Arrangements

The loan facility is secured through a comprehensive security structure involving primary security, collateral security, and personal guarantees.

Primary Security:

• First/Second charge by way of hypothecation on all current assets including stock, raw materials, finished goods, and book debts acquired under the project

Collateral Security:

Personal Guarantees:

Four personal guarantors have been identified: Shri Haresh Kanayalal Makhija, Shri Kamal Kanayalal Makhija, Shri Sanjay Kanayalal Makhija, and Shri Dinesh Kanayalal Makhija.

Regulatory Compliance

The company has confirmed that this transaction does not involve any related party arrangements, as SIDBI has no shareholding relationship with the company or its promoter group. The agreement does not fall under related party transactions and involves no conflict of interest. The facility represents a standard banking arrangement for working capital financing and does not include any special rights such as board appointment rights or capital structure restrictions.