Ajwa Projects directors own 88.90% of pre-offer equity

Ajwa Projects directors own 35,55,990 equity shares, representing 88.90% of pre-offer equity capital. Executive Director Riyaz Rafiq Padela is the largest individual holder with 17,56,200 shares, or 43.91%, exceeding Chairman and Managing Director Mohammad Khurshid Alam Khan’s 32.49% holding.

How concentrated is Ajwa Projects directors’ pre-offer equity?

Ajwa Projects directors’ pre-offer equity is concentrated because directors collectively hold 88.90% of the company’s capital, leaving 11.10% outside director holdings based on the disclosed percentages. The shareholding table records holdings for four of the six board members, and Ajwa Projects had seven equity shareholders as of the prospectus date.

Ajwa Projects identifies equity ownership as a director interest because shareholders may receive dividends and other distributions on their shares. The 88.90% figure is a pre-offer measure, so it describes the capital structure before the offer rather than a post-offer position. That proportion would remain unchanged only if the disclosed holdings and the underlying pre-offer capital base do not change.

Who is Ajwa Projects’ largest shareholder-director?

Riyaz Rafiq Padela is Ajwa Projects’ largest shareholder-director, with 17,56,200 equity shares or 43.91% of pre-offer capital. He was appointed Executive Director on August 1, 2025, and the prospectus identifies him as a promoter. His holding is 11.42 percentage points above Mohammad Khurshid Alam Khan’s 32.49% stake.

Ajwa Projects states that Padela has more than 15 years of experience in the textile and export industry and is responsible for financial-planning decisions. His Executive Director term commenced on August 1, 2025 for five years, subject to retirement by rotation, and he is also a director of R. P. Prints Private Limited. The financial year 2025-26 remuneration table sets a maximum of Rs 12 lakh for Padela, while his employment terms state annual remuneration of Rs 8 lakh; the prospectus provides both amounts without reconciling them.

How is Ajwa Projects equity split between founding and newer directors?

Ajwa Projects’ two founding directors together own 44.99% of pre-offer equity, compared with Padela’s individual 43.91% holding. Mohammad Khurshid Alam Khan, a director since incorporation, holds 32.49%, while Whole-Time Director Zarinabegum Khurshid Alam Khan, also a director since incorporation, holds 12.50%. Ajwa Projects states that the two founding directors are spouses under Section 2(77) of the Companies Act, 2013.

Ajwa Projects has six directors: three executive directors, one non-executive director and two independent directors. Non-Executive Director Rizwan Mazib Khan, appointed on April 28, 2025, holds 10 shares, classified as negligible in the shareholding table. Independent directors Mihirkumar Atulbhai Sojitra and Vidhi Ankit Pala were both appointed on June 2, 2025 for five-year terms, while the three executive directors account for almost all of the stated 88.90% director holding.

Ajwa Projects changed its board composition during 2025. Mohammad Khurshid Alam Khan became Managing Director on April 28, 2025 and chairman on July 25, 2025, while Padela joined the board on August 1, 2025. The prospectus says there were no arrangements or understandings with major shareholders, customers, suppliers or others under which directors, key managerial personnel or senior management were selected.

What governance arrangements accompany Ajwa Projects’ concentrated ownership?

Ajwa Projects has two independent directors on its six-member board, equal to one-third of the board. The company says it complies with Companies Act, 2013 requirements concerning independent-director appointments and board committees. Ajwa Projects also undertakes to comply with applicable Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015, known as SEBI LODR Regulations, immediately upon listing.

Ajwa Projects constituted its three-member Audit Committee on June 30, 2025 under Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI LODR Regulations. Independent Director Vidhi Ankit Pala chairs the committee, with Independent Director Mihirkumar Atulbhai Sojitra and Non-Executive Director Rizwan Mazib Khan as members. The committee must meet at least four times annually, with no more than four months between meetings, and a quorum requires at least two independent directors.

Ajwa Projects says it had no shareholders’ agreement as of the prospectus date, so the disclosure does not identify a contractual arrangement governing shareholder voting or share transfers. Separately, shareholders authorised the board at an extraordinary general meeting on June 30, 2025 to borrow up to Rs 200 crore above paid-up capital and free reserves, excluding temporary bank loans obtained in the ordinary course. Ajwa Projects says it has not availed loans from directors except as disclosed in its financial-indebtedness and related-party sections.

What does the disclosed ownership mean for board interests?

Ajwa Projects states that directors may be interested in the company’s promotion to the extent of their shareholdings and any dividends or distributions attached to those shares. The three executive directors hold 88.90% less the 10 shares held by Rizwan Mazib Khan, making their combined ownership the principal component of the total director stake. The two independent directors are not listed with separate holdings in the director shareholding table.

Ajwa Projects also states that no director is categorised as a wilful defaulter or fraudulent borrower under the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations. The company further says no director is a fugitive economic offender under Section 12 of the Fugitive Economic Offenders Act, 2018. These confirmations address the stated regulatory status of the six directors, rather than changing the 88.90% ownership figure.

Conclusion

Ajwa Projects’ pre-offer ownership is concentrated among directors, with 88.90% of equity held by them. Padela’s 43.91% is the largest individual stake, while the two founding directors together own 44.99%; those three executive-director positions account for almost the entire disclosed director holding.

The next disclosed development is Ajwa Projects’ planned compliance with SEBI LODR Regulations upon listing, including Audit Committee oversight of financial reporting, related-party transactions and issue-proceeds utilisation. Later shareholding disclosures would show whether the pre-offer distribution, including Padela’s 43.91% stake, has changed.