Spice Islands Industries Ltd Approves Share Split and Major Director Re-designation at Board Meeting

Spice Islands Industries Ltd Approves Share Split and Major Director Re-designation at Board Meeting​

Spice Islands Industries Limited, formerly known as Spice Islands Apparels Limited, held a Board of Directors meeting on July 03, 2026. The board approved several material corporate actions, including the sub-division of equity shares and key changes in directorships.

The company approved the split of its equity shares, which were previously trading at a face value of Rs. 10/- each. Under the new structure, every one existing Equity Share is to be subdivided into five Equity Shares, with each carrying a face value of Rs. 2/-. This move is intended to enhance the liquidity of the company's equity shares in the stock market and encourage wider investor participation.

The authorized and issued share capital details before and after the split are as follows:


The Board also approved the consequential alteration of the Capital Clause in the company's Memorandum of Association resulting from this share subdivision.

Key Leadership Changes and Appointments​

During the meeting, the board ratified several changes regarding the management team. Mr. Sandeep Jamnadas Merchant was re-designated from Whole-Time Director to Managing Director and Vice Chairman of Spice Islands Industries Limited. This designation is effective from June 19, 2026, and extends up to November 07, 2028, subject to the approval of shareholders.

The board also ratified the appointments and reappointments of several directors:

• Mrs. Nitu Vishwakarma was regularized as a Non-Executive Independent Director, effective from May 20, 2026.
• Dr. Huzaifa Habil Khorakiwala was regularized as a Non-Executive Director and Chairman, subject to shareholder approval within the prescribed timeline.
• Mr. Nikhil Saran Mathur was regularized as a Non-Executive Director.
• Mr. Chirag Chandulal Rajpopat, who is retiring by rotation, was re-appointed at the subsequent Annual General Meeting.

Related Party Transactions Approved​

The Board of Directors approved several Material Related Party Transactions (RPTs), all of which are subject to approval by the Members at the ensuing 38th Annual General Meeting.

These RPT approvals include:

• Transactions with entities associated with Mr. Faraaz Irfan Chapra, covering four parties—Vision Siddhivi Realty Private Limited, Ferry Automotive Private Limited, Al Risha Recruitment Consultancy Private Limited, and Alkham Foods LLP. These transactions have an aggregate value of Rs. 20 Crore each or Rs. 350 Crore for Chapra Capital Ventures Private Limited, intended for the Financial Year 2026-27.
• Transactions with entities associated with Mr. Sandeep Jamnadas Merchant, including Fotoset Trading Private Limited, Seth Ladhukara Charities, and Krishna Global Industries. The aggregate value approved is up to Rs. 20 Crore each during the Financial Year 2026-27.
• A material transaction with Dhanik Food & Beverages Private Limited, approved up to Rs. 20 Crore for the Financial Year 2026-27.
• The incorporation of a Joint Venture Company with The Peace Mission Private Limited, relating to functional wellness beverages and allied products, approved up to Rs. 20 Crore during the Financial Year 2026-27.

Annual General Meeting Details​

In addition to these corporate changes, the Board set the date for the company's Annual General Meeting (AGM) as Friday, August 07, 2026. The AGM will be held through Video Conferencing or other Audio-Visual means.

The board also appointed Mr. Alok Khairwar, a Practising Company Secretary, to serve as the Scrutinizer for remote e-voting during the Annual General Meeting. CDSL was approved for providing the necessary e-voting facility, with July 31, 2026, set as the Cut-off Date for member eligibility.

Stock Price Movement​

Spice Islands Industries Ltd. settled Friday post-market at ₹513.35 after ticking up 0.14% in closing trade. The shares experienced a wide day, trading between an intraday low of ₹488.00 and a high of ₹531.90.