Shivalik Rasayan EGM clears ₹33 crore preferential issue 2026

What shareholders voted on at the August 20 EGM

Shivalik Rasayan Limited informed the stock exchange about the proceedings and voting outcome of its Extra-Ordinary General Meeting (EGM) held on August 20, 2026. Shareholders considered two special resolutions linked to capital raising through preferential allotment. The first resolution authorised issuance of up to 3,72,000 equity shares to entities in the “Public” category on a preferential basis. The second resolution authorised issuance of up to 9,48,000 fully convertible warrants to the “Promoter and Promoter Group” and “Public” categories. Both resolutions were approved with extremely high support levels. Revised voting results and the scrutinizer’s consolidated report were filed with BSE on August 22, 2026.

Venue, timing, and how the meeting was conducted

As per the proceedings update, the EGM took place at Hotel Saffron Leaf in Dehradun, Uttarakhand. The meeting was scheduled from 1:00 pm and concluded at 2:05 pm, after quorum was confirmed. Chairman Rahul Bishnoi presided over the meeting and also addressed shareholders on the industry’s economic outlook and the company’s performance challenges.

Separately, the EGM notice and related communication described the meeting as being conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM), starting at 1:00 PM IST from the same Dehradun hotel address. Taken together, the exchange disclosures show the company anchored the meeting from Hotel Saffron Leaf and enabled participation and voting through permitted mechanisms, including remote e-voting.

Shareholder base and participation levels

The company reported 14,456 shareholders on record as of July 21, 2026. Participation in the voting process was recorded at 133 shareholders, comprising one shareholder from the promoter group and 132 from the public. Voting was available either in person or through proxy, and the consolidated results combined remote e-voting with votes cast during the EGM.

The cut-off date for entitlement to vote was stated as August 13, 2026. The remote e-voting window ran from 9:00 AM on August 17, 2026 to 5:00 PM on August 19, 2026, as per the e-voting schedule.

Resolution 1: Preferential issue of 3,72,000 equity shares

The first special resolution related to issuing up to 3,72,000 equity shares to public category entities on a preferential basis. The revised voting results indicate the resolution was passed with 99.9989% votes in favour among non-institutional public shareholders (based on valid votes polled). The filing also states promoters held 74,61,677 shares and voted 100% in favour.

Among non-institutional public shareholders, who held 82,88,688 shares, 99.9933% voted in favour. Only 93 votes were cast against the equity issuance. No invalid votes were reported in the consolidated outcome.

Resolution 2: Preferential issue of 9,48,000 convertible warrants

The second special resolution related to issuing up to 9,48,000 fully convertible warrants to promoter and promoter group as well as public category entities on a preferential basis. This resolution was also approved with near-unanimous support. The revised results show 99.9997% votes in favour among non-institutional public shareholders (valid votes polled). Only 28 votes were cast against the warrant issuance.

The proceedings also noted promoter interest disclosures: promoters declared no interest in the equity resolution, but declared interest in the warrant resolution.

Fundraise size, pricing, and stated use of proceeds

The company sought shareholder approval for a fundraise of up to ₹33 crore via preferential allotment. The proposal included equity shares and warrants priced at ₹250 each.

Based on the details provided, the equity leg was up to ₹9.30 crore (3,72,000 shares at ₹250 per share). The warrant leg was up to ₹23.70 crore (9,48,000 warrants at ₹250 per warrant). The stated fundraise objectives included ₹18 crore for R&D, ₹7 crore for equipment and infrastructure, and ₹8 crore for general corporate purposes.

The warrant terms disclosed that the warrants are convertible into equity shares within 18 months from allotment, with 25% payment upfront and 75% upon conversion.

Key voting and meeting facts at a glance

What changes for shareholding and governance disclosures

Alongside the approval outcome, the disclosed transaction notes included an expected post-issue shareholding change. Promoter shareholding was projected to move from 47.37% to 46.22%, while public shareholding was projected to increase from 52.63% to 53.78%. The EGM disclosures also documented promoter interest: promoters declared no interest in the equity issuance resolution but declared interest in the warrant issuance resolution.

For investors, these details matter because preferential instruments can change the ownership mix and voting power over time, especially when warrants convert into equity. The company’s filings also emphasised the high level of shareholder support and the absence of invalid votes in the final count.

Market impact: what the voting outcome signals

The most direct market-relevant takeaway from the EGM is that shareholders have formally authorised the company’s proposed ₹33 crore capital raising plan through preferential allotment. The approval covers both immediate equity issuance and the warrant structure that can convert into equity within 18 months, subject to the stated payment schedule.

The voting numbers show broad alignment across promoters and public shareholders for the fundraise structure, with over 99.99% support reported for both resolutions. For ongoing disclosures, the revised voting results and the scrutinizer’s report serve as the formal record that the resolutions were passed at the August 20, 2026 EGM.

Conclusion

Shivalik Rasayan’s shareholders approved both special resolutions at the August 20, 2026 EGM, clearing the way for a preferential issue of up to 3,72,000 equity shares and 9,48,000 fully convertible warrants. The revised BSE filing dated August 22, 2026 confirms the near-unanimous voting outcome, with no invalid votes reported. The next steps, as implied by the approvals, are execution actions linked to the preferential allotment and the subsequent warrant conversion timeline of up to 18 months from allotment.