Ashiana Fincap Acquires 3.16% Additional Stake in Ashiana Ispat Limited

Ashiana Fincap Private Limited, a promoter group entity, has acquired an additional stake in Ashiana Ispat Limited through an off-market transaction. The acquisition involves 252,000 equity shares, representing 3.16% of the target company's total issued and paid-up equity share capital.

Transaction Details

The share acquisition was executed through an off-market transaction, with Kamdhenu Steels and Alloys Limited serving as the seller. According to the disclosure, 250,000 shares were acquired on March 28, 2026, and an additional 2,000 shares on March 30, 2026.

Parameter: Details Shares Acquired: 252,000 equity shares Acquisition Percentage: 3.16% Transaction Mode: Off-market Seller: Kamdhenu Steels and Alloys Limited Date of Information Receipt: March 30, 2026

Shareholding Pattern Changes

The acquisition has resulted in significant changes to Ashiana Fincap's shareholding position in Ashiana Ispat Limited. Prior to this transaction, the acquirer held 140,000 shares representing 1.75% of the total voting capital.

Shareholding Details: Before Acquisition After Acquisition Acquirer Shares: 140,000 (1.75%) 392,000 (4.92%) PACs Shares: 3,172,663 (39.84%) 3,172,663 (39.84%) Combined Total: 3,312,663 (41.59%) 3,564,663 (44.76%)

Company Information

Ashiana Ispat Limited has a total equity share capital of 7,964,800 equity shares of Re. 10 each. The company remains listed on BSE Limited under scrip code 513401. The target company's registered office and works are located at A-1116, RIICO Industrial Area, Phase-III, Bhiwadi-301019, District Alwar, Rajasthan.

Regulatory Compliance

The disclosure has been made in compliance with Regulation 29(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Both the acquirer and target company have filed the necessary disclosures with BSE Limited, confirming the transaction details and updated shareholding patterns.

The acquisition strengthens the promoter group's control in Ashiana Ispat Limited, with the combined holding now representing nearly 45% of the company's total voting capital.

Ashiana Ispat Limited has released the comprehensive scrutinizer report for its Extraordinary General Meeting held on March 25th, 2026, revealing unanimous shareholder approval across all proposed resolutions. The detailed voting results demonstrate strong stakeholder support for the company's strategic appointments and governance changes.

EGM Overview and Participation

The EGM was conducted through Video Conferencing and Other Audio-Visual Means from 1:00 P.M. to 1:15 P.M. (IST), ensuring compliance with applicable provisions of the Companies Act, 2013 and SEBI regulations. CS Chetan Gaur of C Gaur & Associates served as the appointed scrutinizer for the e-voting process.

Meeting Parameter: Details Total Shareholders (Cut-off Date): 11,733 E-voting Participants: 65 Total Shares Voted: 44,21,574 Voting Platform: MUFG Intime India Pvt. Ltd. Remote E-voting Period: March 22nd (9:00 AM) to March 24th (5:00 PM)

Detailed Voting Results

All six resolutions received 100% approval from participating shareholders, with no votes cast against any proposal. The voting demonstrated strong alignment between promoter group and public shareholders across all agenda items.

Resolution: Type Votes in Favour Votes Against Approval % Mr. Tarun Jain Appointment: Ordinary 44,21,574 0 100% Mr. Vicky Jain Appointment: Ordinary 44,21,574 0 100% Mrs. Sarita Jain Appointment: Special 44,21,574 0 100% Mr. Naresh Chand as MD: Special 44,21,574 0 100% Ms. Darshan Removal: Ordinary 44,21,574 0 100% Related Party Transactions: Special 21,32,104 0 100%

Shareholder Category Breakdown

The voting pattern showed comprehensive participation across shareholder categories. The promoter and promoter group held 33,12,663 shares and achieved 100% voting participation, while public non-institutional shareholders held 46,52,137 shares with 23.84% participation rate.

Shareholder Category: Shares Held Votes Polled Participation % Promoter Group: 33,12,663 33,12,663 100.00% Public Non-Institutional: 46,52,137 11,08,911 23.84% Public Institutional: 0 0 0.00%

Special Considerations for Related Party Transactions

For Resolution 6 regarding Related Party Transactions, certain votes were deemed invalid per Section 188 of the Companies Act, 2013. The scrutinizer noted that 12,79,950 shares from the promoter group and 11,500 shares from public shareholders were excluded due to interested party provisions, resulting in a total valid vote count of 21,32,104 shares.

International Expansion Milestone

The EGM proceedings coincided with the company's significant international expansion through AL KAMDHENUGOLD L.L.C-FZ, established in January 2025 at Meydan Free Zone, Dubai. This strategic move represents the company's evolution from national to international operations, focusing on research & development, technology integration, and market expansion across the GCC region including Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain.

Regulatory Compliance and Documentation

The scrutinizer report, submitted pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015, confirms full compliance with electronic voting requirements. The company dispatched EGM notices to 3,663 shareholders via email on March 2nd, 2026, with the cut-off date set as March 18th, 2026 for determining voting entitlements.

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