Bhandari Hosiery Board Meeting Scheduled for April 6 to Modify Rights Issue Fund Use

Bhandari Hosiery Exports Limited has filed a regulatory disclosure under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, following the allotment of equity shares to promoter group entity Tikani Exports Limited under the recently concluded rights issue.

Rights Issue Allotment Details

The company successfully completed the allotment of 9,29,06,781 equity shares to existing shareholders through the rights issue mechanism. The allotment was conducted in accordance with the Letter of Offer and the basis of allotment finalized by the Registrar to the Issue in consultation with BSE Limited as the designated stock exchange.

Parameter: Details Total Shares Allotted: 9,29,06,781 equity shares Face Value: Re. 1.00 per share Issue Price: Rs. 2.56 per share Share Premium: Rs. 1.56 per share Allotment Date: March 23, 2026

Promoter Group Stake Enhancement

Tikani Exports Limited, a promoter group entity, received an allotment of 6,48,32,425 equity shares under the rights issue, significantly increasing the promoter group's shareholding in the company. This acquisition falls under the exemptions prescribed under Regulation 10(4) of SEBI regulations.

Shareholding Details: Before Rights Issue After Rights Issue Change Promoter Group Shares: 7,44,51,631 13,92,84,056 +6,48,32,425 Promoter Group %: 31.02% 41.83% +10.81% Paid-up Capital: Rs. 24,00,49,652 Rs. 33,29,56,433 Rs. 9,29,06,781

Board Meeting for Fund Utilization Modification

The company has announced a board meeting scheduled for April 6, 2026, to consider modification in the utilization of funds raised through the Rights Issue. The meeting has been convened in response to the under subscription of the issue, requiring strategic adjustments to the fund deployment plan.

Meeting Details: Information Meeting Date: April 6, 2026 Purpose: Modification in Rights Issue fund utilization Reason: Under subscription of the issue Regulation: SEBI (LODR) Regulations 2015

Regulatory Compliance and Disclosure

The company has submitted the mandatory disclosure received from Tikani Exports Limited to both BSE and NSE, ensuring full compliance with SEBI regulations. The disclosure confirms that Tikani Exports Limited is exempt from making an open offer under the takeover regulations as all prescribed conditions have been fulfilled.

Regulatory Details: Information Disclosure Date: March 27, 2026 Regulation: SEBI (SAST) Regulations 2011 Exemption: Regulation 10(4) Stock Exchanges: BSE (Code: 512608) & NSE (Symbol: BHANDARI)

Subscription and Allotment Summary

The rights issue received investor response during the subscription period from March 6, 2026 to March 20, 2026. The company processed applications systematically across different categories of investors, though the issue experienced under subscription necessitating the upcoming board review.

Application Category: Valid Applications Shares Allotted Non Renouncees: 1,446 9,26,54,831 Renouncees: 5 2,51,950 Total: 1,451 9,29,06,781

The successful completion of the rights issue allotment and the scheduled board meeting demonstrate the company's proactive approach to capital management and regulatory compliance while adapting fund utilization strategies based on subscription outcomes.

Bhandari Hosiery Exports Limited has published newspaper advertisements in compliance with Regulation 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, announcing the details of its upcoming rights issue. The company filed the notification with BSE and NSE on March 5, 2026, following publications in Financial Express, JanSatta, and Nawan Zamana newspapers on March 4, 2026.

Rights Issue Structure

The company is offering up to 19,20,39,722 fully paid-up equity shares of face value Rs. 1 each at an issue price of Rs. 2.56 per rights equity share, including a premium of Rs. 1.56 per share. The total issue size aggregates up to Rs. 49.30 crores, assuming full subscription.

Parameter: Details Issue Size: Up to 19,20,39,722 equity shares Face Value: Rs. 1 per share Issue Price: Rs. 2.56 per share Premium: Rs. 1.56 per share Total Amount: Up to Rs. 49.30 crores Rights Ratio: 4 shares for every 5 shares held Record Date: February 25, 2026

Issue Timeline and Process

The rights issue follows a structured timeline with specific dates for different activities. The issue opens on March 6, 2026, and closes on March 20, 2026, providing eligible shareholders with a 15-day window to participate.

Event: Date Issue Opens: Friday, March 6, 2026 Last Date for On-Market Renunciations: Monday, March 16, 2026 Issue Closes: Friday, March 20, 2026 Record Date: Wednesday, February 25, 2026

The Board of Directors or the empowered Rights Issue Committee retains the right to extend the issue period, provided it does not exceed 30 days from the issue opening date.

Application Process and Requirements

All investors must use the ASBA (Applications Supported by Blocked Amount) process for applications, as mandated by SEBI regulations. The company has appointed State Bank of India as the Banker to the Issue, and MUFG Intime India Private Limited serves as the Registrar.

Key application requirements include:

Mandatory use of ASBA process for all applications

Applications accepted only in dematerialized form

Rights entitlements credited to demat accounts of eligible shareholders

Plain paper applications permitted for eligible equity shareholders

Regulatory Approvals and Listing

The company has secured necessary regulatory approvals for the rights issue. BSE granted in-principle approval vide letter No. LOD/RIGHT/HC/FIP/1721/2025-26 dated February 18, 2026, while NSE provided approval through letter No. NSE/LIST/53054 dated February 18, 2026.

The existing equity shares of Bhandari Hosiery Exports are listed on both BSE (Scrip Code: 512608) and NSE (Symbol: BHANDARI). BSE serves as the designated stock exchange for this rights issue.

Material Dispatch and Investor Support

The company completed dispatch of rights entitlement letters and application forms through electronic mode on February 26, 2026, and via registered/speed post on February 27, 2026. Issue materials are available on the company's website at www.bhandariexport.com and the registrar's website.

Investors can access detailed information about their rights entitlements by visiting the registrar's website and entering their DP-ID, client-ID, or folio number along with PAN details. The company has established dedicated email support at bhandariexport.rights2026@in.mps.mufg.com for investor queries and updates.

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