AJC Jewel AGM 2026: 80% UAE stake vote, pay hikes

What the company has called shareholders to decide

AJC Jewel Manufacturers Ltd has scheduled its 8th Annual General Meeting (AGM) for September 29, 2026, where shareholders will vote on both routine and special resolutions. The meeting is set for 2:00 PM IST and will be conducted through Video Conference (VC) and Other Audio-Visual Means (OAVM), in line with regulatory guidelines.

A revised AGM notice has been issued, reflecting changes to key preferential issue terms. The agenda includes adoption of audited accounts for FY 2025-26, a director re-appointment by rotation, proposed revisions to remuneration for three directors, and a proposed acquisition linked to the company’s UAE entity.

AGM schedule, mode, and key dates

The company said the annual report and AGM notice are being dispatched to members whose names appear in the Register of Members or the Register of Beneficial Owners as on August 28, 2026.

Remote e-voting is scheduled to open on September 26, 2026, and close on September 28, 2026. The cut-off date for voting eligibility has been disclosed as September 18, 2026. Central Depository Services (India) Limited (CDSL) has been appointed as the e-voting agency.

Ordinary business: accounts and director re-appointment

The ordinary business at the AGM includes consideration and adoption of the audited standalone and consolidated financial statements for the financial year ended March 31, 2026, along with the Directors’ Report and the Auditors’ Report.

Shareholders will also vote on the re-appointment of Mrs Fathima Jasna Kottekattu (DIN: 10691112) as a director retiring by rotation.

Special business: proposed salary revisions effective October 1, 2026

Apart from the routine AGM items, shareholders will consider special resolutions related to managerial remuneration. The company has proposed revisions to basic salary for the Managing Director, Whole-time Director, and Executive Director.

The revised pay structure is proposed to be effective from October 1, 2026. As disclosed, this effective date implies the changes would apply from the second half of FY27.

Preferential issue tied to acquisition of UAE entity stake

A key AGM item is a special resolution related to acquiring an 80% stake in AJC Jewel Manufacturers FZC, UAE. The acquisition is proposed to be executed through a preferential issue of equity shares by AJC Jewel Manufacturers Ltd.

The company has proposed issuing up to 5,67,492 equity shares. The transaction consideration is structured as a non-cash share swap arrangement, and the aggregate investment value has been disclosed at up to ₹9.64 crore.

Corrigendum: issue price revised after BSE clarification

AJC Jewel Manufacturers has issued a corrigendum to the AGM notice, revising the issue price for the proposed preferential issue. The issue price has been corrected from ₹169.16 per share to ₹169.85 per share. The aggregate amount for the issue has also been adjusted to ₹9,64,00,000, from the earlier figure of ₹9,59,96,946.72.

The company said the changes were made in response to clarifications received from BSE Limited. It also disclosed that the value of equity shares at ₹169.85 was arrived at based on a valuation report issued by Alphavalue Consulting Valuation LLP. The revised disclosure also specifies that the issue price includes a premium of ₹159.85 per equity share.

Shareholding impact and lock-in provisions

The company has disclosed that, post-issue, promoter holding is expected to rise from 56.33% to 60.06%. Public shareholding is expected to reduce from 43.67% to 39.94%.

It has also stated that the new shares will rank pari-passu with existing equity shares and will be subject to lock-in provisions as per SEBI regulations.

Snapshot of the AGM agenda and numbers

Proposed remuneration changes put to vote

Market context included with the disclosure

Alongside the AGM-related updates, trading data shared showed sharp moves in the counter and strong longer-term returns. The stock was shown at ₹398, up 5.00% on the day, and the disclosure also carried performance figures including 1-year returns of +335.74% and 6-month returns of +319.07%. Separately, an earlier data point in the same information set showed the BSE price as ₹233.50 as on September 8, 2026 at 10:56 AM.

These figures are presented with the corporate actions disclosure and do not, by themselves, explain the reasons for price movement.

Why the shareholder vote matters

For investors, the September 29 AGM consolidates several decisions into one event. First, the preferential issue is directly linked to acquiring 80% of the UAE entity through a share swap, which can change the group structure and reported consolidation. Second, the remuneration revisions for three senior executives, effective October 1, 2026, represent a change in the company’s fixed pay obligations.

The corrigendum also highlights how regulatory review can lead to revisions in transaction disclosure, with the company updating both the issue price and the aggregate value after BSE clarifications.

What happens next

The immediate next step is the shareholder vote at the September 29, 2026 AGM. Shareholders who want to participate can attend through VC/OAVM and use the remote e-voting window from September 26 to September 28, 2026.

If approved, the company can proceed with the preferential issue linked to the UAE stake acquisition, and the revised remuneration structure would take effect from October 1, 2026.