Texmo Pipes and Products Limited Holds 18th Annual General Meeting; Approves Director Remuneration and Announces Preferential Share Issue
Texmo Pipes and Products Limited is set to hold its 18th Annual General Meeting (AGM) on September 11, 2026. The meeting, which will be conducted via Video Conferencing ('VC') or Other Audio Visual Means ('OAVM'), includes crucial resolutions regarding the remuneration of directors and a significant preferential allotment of equity shares to the promoters.The company confirmed that the Register of Members and Share Transfer Book would remain closed from September 5, 2026, to September 11, 2026, for the purpose of conducting the AGM. The AGM will address several ordinary and special business items, including receiving and considering the Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026.
Director Remuneration and Costs
The meeting is scheduled to ratify the remuneration for the Cost Auditor M/s Saurabh Parikh & Associates, which has been approved by the Board of Directors. The company also seeks approval from members regarding the compensation packages for Mrs. Rashmi Agrawal, Chairperson and Whole Time Director, and Mr. Sanjay Kumar Agrawal, Managing Director.The proposed remuneration structure details are as follows:
| Position | Total Tenure | Monthly Basic Salary (Rs.) | Key Allowance Details |
|---|---|---|---|
| Mrs. Rashmi Agrawal (Chairperson/WTD) | Sept 1, 2026 - Aug 31, 2028 | 17,460/- | House Rent Allowance: Rs. 6,984/-; Medical Allowance: Rs. 1,746/-, along with various allowances and performance incentives. |
| Mr. Sanjay Kumar Agrawal (Managing Director) | Sept 1, 2026 - Aug 31, 2028 | 17,460/- | Housing/HRA: Rs. 6,984/-; Medical Allowance: Rs. 1,746/-, along with travel and performance allowances. |
Capital Infusion through Preferential Issue
A primary agenda item is the special resolution concerning the issuance of equity shares on a preferential basis to the company's promoters, Shri Sanjay Kumar Agrawal and Smt. Rashmi Agrawal.The proposed issue aims to infuse capital from the Promoters/Promoter Group for long-term working capital requirements and financial resources, strengthening the company's financial position. The Board recommended the issuance of up to 15,30,000 equity shares (Fifteen Lakh Thirty Thousand) at a price of Rs. 45.65 per share. This includes a premium of Rs. 35.65 per equity share.
The issue is valued at an aggregate amount of Rs. 6,98,44,500. The company confirmed that this preferential allotment will not result in any change in the management or control of the Company.
Shareholding and Financial Highlights
The preferential issue impacts the promoter's shareholding, as detailed below:| Shareholder | Pre-Issue Holding (Shares) | Post-Allotment Holding (Shares) | Change in % Holding |
|---|---|---|---|
| Shri Sanjay Kumar Agrawal | 5448974 | 5978974 | Increase from 18.66% to 19.46% |
| Smt. Rashmi Agrawal | 4700092 | 5700092 | Increase from 16.10% to 18.55% |
The total number of shares outstanding increased from 29,195,000 to 30,725,000 following the allotment.
In addition to the AGM agenda, financial performance indicators for the year ended March 31, 2026, were disclosed:
| Financial Particular | Amount (Rs. in lakhs) |
|---|---|
| Gross Turnover including other income | 35,728.17 |
| Profit before interest, depreciation and tax | 2,505.66 |
| Profit before tax | 1,635.80 |
| Current Tax Expense | 450.00 |
| Profit for the period | 1,125.96 |
The company remains committed to improving profitability through cost reduction efforts and expansion, including the setup of a Solar Power Plant on its premises.
TEXMOPIPES Stock Price Movement
Shares of Texmo Pipes and Products Limited slipped by 0.07% on Thursday, closing at ₹44.08 after shedding ₹0.03. The stock traded amid high volume, settling within an intraday range that spanned from a low of ₹43.80 to a high of ₹44.95.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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