Mihika Industries Ltd to Raise Up to Rs. 90 Crore via Rights Issue; Announces Board Reconstitution
Mihika Industries Ltd has approved a proposal to raise funds through the issuance and allotment of equity shares, with an aggregate amount not exceeding Rs. 90 Crore. The company plans to execute this fundraise on a rights basis to eligible equity shareholders as of a forthcoming record date.To facilitate this capital infusion, the Board of Directors has approved an increase in the company's authorized share capital. The current authorized share capital of Rs. 10,00,00,000 (Rupees Ten Crores) divided into 1,00,00,000 equity shares of Rs. 10 each will be increased to Rs. 100,00,00,000 (Rupees One Hundred Crores) divided into 10,00,00,000 equity shares of Rs. 10 each. This change will involve a subsequent alteration in Clause V of the Memorandum of Association, subject to shareholder approval at the Annual General Meeting.
The company has established a "Right Issue Committee" as a sub-committee of the Board of Directors. This committee is authorized to manage all matters related to the proposed issuance, including the finalization of specific terms and conditions and the determination of the number of equity shares to be issued.
Leadership Changes and Appointments
The company announced the appointment of three new directors as Non-Executive Independent Directors for a period of five consecutive years, effective July 17, 2026. These appointments are subject to shareholder approval at the upcoming Annual General Meeting.| Name | DIN | Experience/Background |
|---|---|---|
| Ms. Pooja Sarkar | 11189205 | Company Secretary with over 4 years of corporate governance and administrative experience. |
| Ms. Shruti | 10310241 | Over 20 years of experience in corporate governance, regulatory compliance, and finance. |
| Mr. Sudhanshu Shekhar | 06971467 | Practicing Cost Accountant with 11 years of post-qualification experience in Cost Audit and Strategy. |
Concurrently, the company confirmed the resignations of two directors effective July 17, 2026. Both Mr. Saurabh (DIN: 10790325) and Ms. Reema Magotra (DIN: 09804839) resigned due to pre-occupancy.
Committee Reconstructions
The Board has reconstituted the Audit Committee, the Nomination and Remuneration Committee, and the Stakeholders Relationship Committee effective July 17, 2026.Audit Committee:
| Name of Director | Category | Designation |
|---|---|---|
| Mr. Sudhanshu Shekhar | Chairperson | Non-Executive - Independent Director |
| Ms. Shruti | Member | Non-Executive - Independent |
| Mr. Bipinbhai Prajapati | Member | Managing Director |
Nomination and Remuneration Committee:
| Name of Director | Category | Designation |
|---|---|---|
| Mr. Sudhanshu Shekhar | Chairperson | Non-Executive Director (Independent) |
| Ms. Shruti | Member | Non-Executive Director (Independent) |
| Mr. Yagnik Prajapati | Member | Non-Executive Director (Independent) |
Stakeholders Relationship Committee:
| Name of Director | Category | Designation |
|---|---|---|
| Mr. Sudhanshu Shekhar | Chairperson | Non-Executive Director (Independent) |
| Ms. Shruti | Member | Non-Executive Director (Independent) |
| Mr. Yagnik Prajapati | Member | Non-Executive Director (Independent) |
Operational Updates
The Board approved the Director's Report for the financial year 2025-26 and scheduled the 43rd Annual General Meeting to be held on September 1, 2026, at 3:00 PM (IST) via Video Conferencing or other audio-visual means.Stock Price Movement
Shares of Mihika Industries Ltd rallied 1.12% today to settle at ₹14.39. The stock saw significant volatility throughout the session, swinging between a low of ₹13.57 and a high of ₹14.93.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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