Author: Nishtha Mehrotra | EQMint
Synopsis
- Prime Industries’ 34th AGM approved all resolutions, including an increase in authorised share capital from ₹35 crore to ₹40 crore.
- Shareholders approved Sanjiv Malik’s appointment as Managing Director for three years and a new statutory auditor for five years.
- The company also approved a preferential issue of up to 27.3 lakh equity shares to non-promoters and an expansion of its business objectives into automobiles, metals and defence.
Prime Industries Limited has received shareholder approval for a series of corporate decisions, including an increase in authorised share capital, changes to its business objectives and a proposed preferential issue of up to 27.3 lakh equity shares to non-promoter investors.
The resolutions were passed at the company’s 34th Annual General Meeting held on 19 October 2026. The approvals provide the company with additional flexibility for capital raising and potential business expansion.
Management and Auditor Appointments
Shareholders approved the appointment of M/s. Akshay Singhla & Associates as the company’s statutory auditor for five consecutive years, until the conclusion of its 39th AGM in 2031.
Sanjiv Malik was appointed Managing Director for three years, from 8 September 2026 to 7 September 2029. Deepak Handa was also appointed as a Non-Executive Director for a two-year term.
Authorised Capital Increased to ₹40 Crore
The company’s authorised share capital has been increased from ₹35 crore to ₹40 crore, expanding its capacity to issue equity shares, subject to applicable requirements.
Shareholders also approved a preferential issue of up to 27,30,000 equity shares to non-promoters at a proposed issue price of ₹42 per share, subject to applicable regulatory approvals and other conditions. If fully subscribed at this price, the issue would amount to approximately ₹11.47 crore.
Business Objectives Expanded
Prime Industries also received approval to widen its main business objectives to include automobiles, metals and defence, alongside its existing activities. The change could provide scope to explore opportunities in these sectors, although it does not confirm any specific project or investment.
The approvals mark a significant corporate development for Prime Industries. Investors may track the proposed share allotment, the deployment of any funds raised and subsequent announcements regarding the company’s expanded business activities.
Disclaimer: This article is for information purposes only and is not investment advice.
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