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 successfully completed the allotment of 5,00,000 convertible warrants worth Rs 98.71 crores following its board meeting held on January 3, 2026. The company received in-principle approval from BSE Limited for this preferential warrant issue to promoters under Regulation 30 of SEBI LODR.

Board Meeting and Allotment Approval

The board of directors meeting held on January 3, 2026, at 12:00 PM through video conferencing mode approved the allotment of warrants as planned. The meeting concluded at 12:45 PM after finalizing all necessary approvals for the preferential allotment.

Warrant Issue Specifications

The convertible warrants were issued at Rs 197.42 per warrant, aggregating to Rs 9,87,10,000. Each warrant carries the right to convert into one equity share of face value Rs 10.00 within 18 months from the allotment date.

Promoter Allottee Details

The warrants were allocated equally between two promoters of the company. The allotment strengthens promoter commitment while providing growth capital for business expansion.

Subscription Payment and Exercise Terms

The company has received 25% of the warrant issue price as upfront subscription amount from the promoters. The remaining amount will be payable upon exercise of conversion rights within the stipulated timeframe.

Post-Conversion Shareholding Impact

Upon full conversion of all warrants, the promoter shareholding will increase from 69.73% to 71.22%, while the total paid-up share capital will rise from 96,76,298 shares to 1,01,76,298 shares. The warrants themselves do not carry voting rights until converted into equity shares.

Regulatory Compliance Framework

The warrant allotment was executed under BSE's in-principle approval dated December 29, 2025, following compliance with SEBI ICDR Regulations 2018, Companies Act 2013, and LODR Regulations 2015. The process included necessary shareholder approvals through Extraordinary General Meeting.