Laxmi Cotspin Board Approves Strategic Changes, Announces Rights Issue of Up To ₹18 Crore
Laxmi Cotspin Limited announced several significant operational and strategic decisions following a meeting of its Board of Directors held on June 11, 2026. The board addressed key changes in management and statutory oversight while approving the proposal for a capital infusion through a Rights Issue.The company noted the resignation of Mrs. Soni Shailesh Karwa from her role as Company Secretary and Compliance Officer (a Key Managerial Personnel), effective June 1, 2026. Furthermore, the board took note of the resignation of M/s. DMKH & Co., Chartered Accountants, which served as the statutory auditors.
New Management and Statutory Appointments
To fill the resulting vacancies and enhance corporate governance, the Board approved several key appointments:
- M/s. Singh Mundada & Associates, Chartered Accountants (FRN:122059W), was appointed as the new Statutory Auditors of the company, subject to shareholder approval.
- Mrs. Deepika Amit Dalmiya was appointed as Company Secretary and Compliance Officer on June 11, 2026.
The appointment details for M/s. Singh Mundada & Associates were provided under Annexure B, detailing their experience in audit, taxation, and regulatory compliance. Meanwhile, the board approved a proposal to regularize Mrs. Sharda Ghansham Sikchi (DIN: 11683795) as a NonExecutive Woman Director of the company.
Rights Issue Details
The Board also provided approval for raising capital through a Rights Issue of Equity Shares. The details concerning this issuance are summarized below, pending final determination by the specialized committee:
| Particular | Detail |
|---|---|
| Type of Securities | Equity Shares of face value ₹10/- each |
| Total Amount Proposed | Up to ₹18,00,00,000 (Rupees Eighteen Crores Only) |
| Outstanding Shares Prior to Issue | 1,71,47,670 Equity Shares |
| Purpose of Issue | Repayment or pre-payment of the outstanding Cash Credit facility availed from a Bank and general corporate purposes. |
A Rights Issue Committee was constituted by the Board to determine the detailed terms and conditions of the issuance, including the issue price, rights entitlement ratio, record date, and other related matters.
Furthermore, Mr. Piyush Agrawal, a Practicing Chartered Accountant, was appointed as the Scrutinizer for conducting the Postal Ballot process related to the corporate changes discussed at the meeting.
LAXMICOT Stock Price Movement
Shares of Laxmi Cotspin Limited today slipped by 4.17% to settle at ₹14.55, shedding ₹0.62 from its previous close. The stock hit a low of ₹14.00 during the trading session and saw a volume of 1,573 shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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