Pennar Industries Announces Board Meeting Outcomes Including Warrants Issue and Director Appointments
Pennar Industries Limited conducted a Board of Directors meeting on Friday, April 10, 2026. During the meeting, several key business transactions were transacted, including a preferential issue of convertible equity warrants and the re-appointment of an Independent Director.The company approved the issuance of up to 30,00,000 convertible equity warrants to Pennar Holdings Private Limited, a promoter of the company. The total issue size aggregates to ₹ 50,40,00,000. Each warrant has a face value of ₹ 5 and was priced at ₹ 168, covering both the subscription and exercise price. This transaction is structured as a preferential issue on a private placement basis. Upon the issue of these warrants, an amount equivalent to 25% of the total issue size is to be called upfront from the proposed allottees.
The board also addressed the re-appointment of Mr. RVS Ramakrishna as an Independent Director for a second term of five consecutive years, effective from June 4, 2026.
Other resolutions passed during the meeting included:
- Holding an Extra-Ordinary General Meeting of the Members on Friday, May 8, 2026, via video conferencing or other audio-visual means.
- Fixing Thursday, April 30, 2026, as the cut-off date for determining membership eligibility to vote at the ensuing EGM.
- Appointing Mr. Subhash Kishan Kandrapu, a Practicing Company Secretary in Hyderabad (Membership No. 32743 and CP No. 17545), to scrutinize the E-voting process for the EGM.
- Taking note of the resignation of Mr. P V Rao, a Non-Executive Non-Independent Director, effective from April 11, 2026.
Key Details of Warrants Issue
The issuance of warrants details show the following key parameters:| Particulars | Details |
|---|---|
| Type of Securities | Convertible Equity Warrants of the Company ('Warrants ') |
| Type of Issuance | Preferential allotment, on a private placement basis |
| Total Amount Proposed | ₹ 50,40,00,000/- (Rupees Fifty Crores Forty Lakhs only) |
| Maximum Warrants | Up to 30,00,000 |
| Issue Price per Warrant | ₹ 168/- (Rupees One Hundred Sixty-Eight only) |
Director Changes and Appointments
The board resolutions detailed the following changes concerning the company's board membership.Mr. RVS Ramakrishna was re-appointed as an Independent Director for the second term of five years, effective from June 4, 2026. Information regarding Mr. RVS Ramakrishna's professional background notes his education includes a Graduate in Engineering in Chemical Technology from Birla Institute of Technology and Science, Pilani, and a PGDM from the Indian Institute of Management, Ahmedabad in 1982. He is noted to be not debarred from holding office by any SEBI Order or other authority, and is not disqualified under Section 164 of the Companies Act, 2013.
The board also noted the resignation of Mr. P V Rao as a Non-Executive Non-Independent Director, effective from April 11, 2026, due to unavoidable personal circumstances.
Membership Impact Post-Allotment
For Pennar Holdings Private Limited, the shareholding details indicate:| Allottee Name | Category | Pre-Preferential Equity Holding (Shares) | Proposed Warrants Allotted | Post Preferential Holding (Shares) |
|---|---|---|---|---|
| Pennar Holdings Private Limited | Promoter | 2,10,05,455 | 30,00,000 | 2,40,05,455 |
In the pre-issue, Pennar Holdings Private Limited held 2,10,05,455 shares, representing 15.57% of the holding. Following the preferential issue, the holding increased to 2,40,05,455 shares, representing 17.40%.
PENIND Stock Price Movement
Today, Pennar Industries Limited shares edged higher to close at ₹163.61, marking a gain of 2.13%. The stock found support on a solid volume of 471,101 shares during trading today.Source:
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