Vega Jewellers Limited has initiated a significant change in its shareholding structure by applying to the Bombay Stock Exchange (BSE) for the reclassification of one of its promoters, Mallinath Madineni.

Reclassification Details

The company has submitted an application to BSE on November 28, 2025, requesting the reclassification of Mallinath Madineni from the 'Promoter/Promoter Group' category to the 'Public' category. This move is in accordance with Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shareholding Impact

The reclassification, if approved, will affect the company's shareholding structure as follows:

Regulatory Compliance

The application for reclassification has been made under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation allows for the reclassification of the status of any person as a promoter or public shareholder, subject to specified conditions and procedures.

Company Background

Vega Jewellers Limited, formerly known as PH Trading Limited, is listed on the BSE with the scrip code 512026. The company's registered office is located at One Lodha Place, 14th Floor, Unit 1403, Senapati Bapat Marg, Lower Parel, Deliste Road, Mumbai, Maharashtra, India, 400013.

This reclassification, if approved by the BSE and SEBI, may alter the composition of Vega Jewellers' promoter group. Shareholders and investors should note that this change could have implications for the company's ownership structure.

Vega Jewellers Limited has announced a corporate action that may increase the promoters' stake in the company. The board of directors has approved the issuance of convertible warrants to the company's promoters through a preferential allotment.

Key Details of the Warrant Issue

Approval Process and Timeline

The board's decision is subject to shareholder approval, which will be sought at an upcoming Extraordinary General Meeting (EGM). Here are the important dates:

• EGM Date: December 17, 2025
• EGM Time: 12:00 P.M.
• Mode of Meeting: Video Conference/Other Audio-Visual Means (OAVM)

Purpose of Fund Raising

The company intends to use the funds raised through the issuance of convertible warrants for business expansion and retail outlet growth.

Additional Matters for Shareholder Approval

In addition to the warrant issue, the company is seeking shareholder approval for material related party transactions. These include:

1. Transactions worth Rs. 100.00 crores each with four subsidiary entities:
   • Vega Jewellers KKDLLP
   • ELRLLP
   • JHILLSLLP
   • M/s Vega Jewellers
2. These transactions are for the supply of goods and services over a period of five years.

Implications

This move by Vega Jewellers Limited indicates a potential increase in the promoters' stake in the company. Convertible warrants give the holders the right to convert them into equity shares at a predetermined price within a specified timeframe. This could lead to an influx of funds into the company if the warrants are exercised in the future.

The approval of material related party transactions suggests significant business activities with subsidiary entities, which could impact the company's operations and financial performance.

Shareholders will have the opportunity to vote on these proposals at the upcoming EGM. The company will need to provide further details on the terms of the warrant conversion and the nature of the related party transactions, which will be crucial for shareholders to make informed decisions.

Investors and market watchers may be interested in how these developments could impact the company's capital structure and business operations. Stakeholders are advised to carefully review the detailed terms of the warrant issue and related party transactions once they are made available by the company.