Swaraj Suiting EGM Oct 24: ₹174.20 crore issue

Swaraj Suiting Limited (NSE: SWARAJ, BSE: 544861) has called an Extraordinary General Meeting (EGM) on October 24, 2026 to seek shareholder approval for a ₹174.20 crore preferential issue of equity shares and convertible warrants to non-promoters. The fundraising plan comes alongside a set of governance resolutions that shareholders cleared at the company’s 23rd Annual General Meeting (AGM) held on September 30, 2026.

The proposed issuance is positioned as a combined capital raise to fund working capital requirements, general corporate purposes, and capital expenditure (capex) initiatives aimed at capacity expansion. The company has also outlined the number of securities proposed, the issue price, and the split of proceeds between equity and warrants.

What the company is asking shareholders to approve

Swaraj Suiting’s EGM is meant to secure approval for a preferential issuance of both equity shares and warrants. The company has proposed issuing up to 35,00,000 equity shares and up to 17,00,000 warrants, with each warrant convertible into an equal number of equity shares.

Both the equity shares and the warrants are proposed to be issued at ₹335 per share or warrant. The company stated that the issue price is fixed at ₹335 based on the NSE VWAP and a valuation report.

The stated objective is to raise capital from non-promoter investors. In addition to funding working capital and capex, the company has also mentioned general corporate purposes as part of the deployment plan.

Deal structure: equity shares and warrants

On the equity side, the company plans to allot up to 35,00,000 equity shares of face value ₹10 each at a premium of ₹325. This tranche aggregates to ₹117.25 crore.

Separately, the company proposes issuing up to 17,00,000 warrants at ₹335 per warrant. This tranche aggregates to ₹56.95 crore, with the warrants convertible into equity shares in future.

Together, these two legs add up to the combined ₹174.20 crore preferential issue proposed for shareholder approval at the EGM.

How Swaraj Suiting plans to use the proceeds

Swaraj Suiting has broken down the stated end use of funds by tranche. As per the details provided, the equity tranche of ₹117.25 crore is primarily targeted towards working capital needs.

For the warrant tranche of ₹56.95 crore, the company indicated that 52.68% is allocated to capital expenditure. Beyond that specific allocation detail, the company has broadly stated the proceeds will also support capacity expansion initiatives and general corporate purposes.

Separately, as part of AGM-related disclosures, the company also referred to a ratification item around variation in utilisation of proceeds from an earlier preferential issue, stating it utilised ₹8.03 crore towards working capital instead of capital expenditure.

Key dates leading up to the EGM

The EGM follows a series of corporate actions and approvals during September 2026. The company had scheduled a board meeting on September 28, 2026 to evaluate fundraising through a preferential issue.

Ahead of that, the trading window was closed from September 23, 2026. The company’s 23rd AGM was held on September 30, 2026 at 1:00 pm through Video Conferencing (VC) or Other Audio Visual Means (OAVM), and September 23, 2026 was also set as the e-voting cut-off date for the AGM process.

The board recommendation for director appointments and re-appointments referenced in AGM outcomes was dated September 6, 2026.

AGM outcome: independent director appointments

At the AGM held on September 30, 2026, shareholders approved the re-appointment of Mrs. Amreen Sheikh as a Non-Executive Independent Director for a second term of five years. The approved term runs from October 05, 2026 to October 04, 2031.

Shareholders also approved the appointment of Manoj Mansinghka as a new independent director for a five-year term starting October 1, 2026.

The AGM approvals were disclosed as part of the “Outcome of AGM” update, and were linked to the earlier board recommendation.

Stock and company snapshot mentioned alongside the events

The company is classified under textiles and has been described as a small-cap counter. The article data cited multiple market references around the same period, including:

• Swaraj Suiting share price of ₹377.55 on NSE and ₹379.95 on BSE as on October 1, 2026
• As of October 2, 2026, a share price of ₹377.6
• A market capitalization figure of ₹997.42 crore as of October 2, 2026

The dataset also referenced a closing price of ₹389 on September 30, and separately displayed a price point of 375.00 with a move of -13.60.

Financial performance points cited in the update

For Q1 FY2026-27, Swaraj Suiting’s revenue was stated at ₹185.59 crore and profit at ₹16.42 crore. These figures were provided as contextual performance data while outlining the company’s fundraising and corporate actions.

The company has also been described as a textile manufacturer producing grey and finished fabric used in home textiles and bottom wears, and as specialising in Denim and Polyester Viscose (PV) fabrics across processes such as warping, yarn dyeing, weaving, fabric processing, and finishing.

Summary table: fundraising proposal at a glance

Timeline table: board, AGM, and EGM

Market impact and what investors will track next

The immediate market relevance of the EGM is tied to dilution-linked actions and the company’s stated funding needs, particularly the split between working capital and capex. The pricing is explicitly stated at ₹335 per security, and the issuance size is specified as up to 52,00,000 instruments combined (shares plus warrants), which frames the scale of the proposed capital raise.

Investors will also track the governance continuity signalled through the AGM-approved independent director terms, including Amreen Sheikh’s second term starting October 5, 2026, and Manoj Mansinghka’s appointment starting October 1, 2026. Separately, the company’s disclosure around proceeds reallocation, including ₹8.03 crore used towards working capital instead of capex, provides context on how funding priorities have been managed.

Conclusion

Swaraj Suiting’s October 24, 2026 EGM is set to decide on a ₹174.20 crore preferential issue through equity shares and warrants priced at ₹335, with proceeds earmarked for working capital, capex, and general corporate purposes. The vote follows AGM approvals on September 30, 2026 that confirmed independent director appointments and a re-appointment timeline extending to 2031. The next confirmed milestone is the EGM outcome, which will determine whether the proposed issuance can proceed as structured.