Spice Islands Industries to Hold Board Meeting Addressing Share Split and Key Director Changes

Spice Islands Industries to Hold Board Meeting Addressing Share Split and Key Director Changes​

Spice Islands Industries Ltd., previously known as Spice Islands Apparels Limited, has scheduled a significant meeting of its Board of Directors. The meeting is set for Friday, July 03, 2026, at 4:00 P.M. and is slated to consider several material corporate actions, including the sub-division of equity shares and multiple key appointments.

Among the primary items on the agenda is the proposal for a share split. The Board is expected to review and approve the conversion of one fully paid up Equity Share with a face value of Rs. 10/- into five fully paid up Equity Shares, each carrying a face value of Rs. 2/-. This action would necessitate the consequential alteration of the Capital Clause in the company’s Memorandum of Association.

The meeting will also address several changes related to the company's management and directorship. The Board is scheduled to consider and approve the re-designation of Mr. Sandeep Jamnadas Merchant from Whole Time Director to Managing Director and Vice Chairman. This role change would be effective from June 19, 2026, and continue until November 07, 2028, pending shareholder approval.

New appointments intended for consideration at the meeting include Mrs. Nitu Vishwakarma, who is proposed to be regularized as a Non-Executive Independent Director. The Board is also set to approve the regularization of Dr. Huzaifa Habil Khorakiwala's appointment as a Non-Executive Director and Chairman, and Mr. Nikhil Saran Mathur's regularization as a Non-Executive Director.

Other critical agenda items include the reappointment of Mr. Chirag Chandulal Rajpopat, who is a director retiring by rotation. Additionally, the Board is tasked with considering matters pertaining to related party transactions and approving the notice for the 38th Annual General Meeting of the Company.

The company confirmed that the trading window for designated persons and their immediate relatives regarding the company's securities will remain closed for 48 hours after the declaration of the outcome of the Board Meeting.

Stock Price Movement​

As of 14:18, shares of Spice Islands Industries Ltd. are ticking down, currently priced at ₹505.00, reflecting a drop of ₹12.90 or 2.49%. Throughout the trading session, the stock saw significant intraday volatility, ranging between a high of ₹534.00 and a low near ₹492.50.