New Markets Avenue Ltd Approves Warrant Conversion, Appoints Secretarial Auditor
New Markets Avenue Limited announced a significant corporate development, confirming the conversion of warrants into equity shares and appointing a specialized firm as its Secretarial Auditor. The decisions were approved by the Board of Directors during a meeting held on July 04, 2026.Warrant Conversion Details
The Board considered and approved the conversion of 53,00,000 warrants into an equal number of Equity Shares. These shares were allotted at par, with a face value of Rs. 10/- each, on a preferential allotment basis to several allottees who exercised their rights of conversion.The total number of warrants applied for conversion was 53,00,000, resulting in the allotment of 53,00,000 Equity Shares fully paid up. The investors involved in the conversion include:
| Name of Allottee | Category | No. of Warrants Held | No. of Equity Shares Allotted |
|---|---|---|---|
| Mrs. Chhaya Gaurang Shah | Non-Promoter Public | 1,000,000 | 1,000,000 |
| M/s. Mamta Securities Private Limited | Non-Promoter Public | 1,000,000 | 1,000,000 |
| M/s. Spring Trade Mercantile Private Limited | Non-Promoter Public | 500,000 | 500,000 |
| Mr. Prakash Bhoorchand Shah | Non-Promoter Public | 1,800,000 | 1,800,000 |
| M/s. Plutus Capital Management LLP | Non-Promoter Public | 1,000,000 | 1,000,000 |
The company had previously received approval from BSE Limited regarding the matter.
Appointment of Secretarial Auditor
In addition to the warrant conversion, the Board approved the appointment of M/s. Ramesh Chandra Bagdi & Associates, a firm of Practicing Company Secretaries (Firm Registration No. S2021MP835800).M/s. Ramesh Chandra Bagdi & Associates has been appointed as the Secretarial Auditor for New Markets Avenue Limited to conduct the necessary audit procedures. The appointment was finalized on July 04, 2026.
Details regarding the appointment and firm profile include:
| Particular | Details |
|---|---|
| Name of Auditor | M/s. Ramesh Chandra Bagdi & Associates, Practicing Company Secretaries |
| Firm Registration No. | S2021MP835800 |
| Reason for Change | Appointment as Secretarial Auditor of the Company |
| Date of Appointment | 04/07/2026 |
| Term of Appointment | Appointed as Secretarial Auditor of the Company for the Financial Year 2025-26. |
| Brief Profile | The firm has expertise in corporate laws, secretarial audit, corporate governance, SEBI compliances, FEMA compliances, due diligence, and allied corporate advisory services. |
Stock Price Movement
Settling after the Friday market session, shares of New Markets Avenue Ltd edged higher, closing at ₹39.49, marking a 1.99% gain. The stock remained completely locked in trade throughout the day, with its intraday high and low both recording ₹39.49.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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