Maha Rashtra Apex Corporation Limited completes rights issue allotment of 1,40,91,896 equity shares

Maha Rashtra Apex Corporation Limited has successfully completed the allotment of 1,40,91,896 fully paid-up equity shares on a rights basis. The Board of Directors, in its meeting held on April 04, 2026, approved the allotment in consultation with Purva Share Registry India Limited and with the approval of Bombay Stock Exchange of India Limited (BSE), which served as the designated stock exchange for the rights issue.

Rights Issue Details

The equity shares were issued at a face value of Rs.10 each at par to eligible shareholders and renouncees in accordance with the Letter of Offer dated March 11, 2026. The rights issue was conducted under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Capital Structure Changes

Consequent to the allotment, the paid-up equity share capital of the company has increased significantly. The pre and post-issue share capital details are as follows:

Particulars No. of Equity shares Amount (in Rs.) Paid-up share capital (Pre-Rights Issue) 1,40,91,896 14,09,18,960 Paid-up share capital (post-rights Issue) 2,81,83,792 28,18,37,920

The allotment has effectively doubled the company's equity share base, with the total number of shares increasing from 1,40,91,896 to 2,81,83,792 and the corresponding paid-up capital rising from Rs.14,09,18,960 to Rs.28,18,37,920.

Regulatory Compliance

The company has disclosed the details as required under Regulation 30 of SEBI Listing Regulations read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The information has been made available on the company's official website. The Board meeting, which commenced at 4.00 p.m. and concluded at 5.15 p.m., was conducted to finalize the basis of allotment and approve the issuance of securities.

Maha Rashtra Apex Corporation Limited has received a formal request for promoter reclassification under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company informed stock exchanges on April 10, 2026, about receiving the reclassification request from a promoter seeking to move from promoter category to public shareholder status.

Reclassification Request Details

The request was submitted by T Satish U Pai on April 09, 2026, seeking reclassification under Regulation 31A of SEBI LODR Regulations. The shareholding details of the requesting promoter are presented below:

Parameter: Details Promoter Name: T Satish U Pai Equity Shares Held: 120 Shareholding Percentage: 0% Request Date: April 09, 2026

Grounds for Reclassification

In his formal letter to Company Secretary Jamsheed M Panday, T Satish U Pai outlined several grounds supporting his reclassification request. He stated that he does not exercise any control over company affairs, either directly or indirectly, and is not involved in company management in any capacity. The promoter emphasized that he holds no special rights through shareholders' agreements and is not represented on the Board of Directors or serving as Key Managerial Personnel.

Pai referenced his minimal shareholding of 120 equity shares as reflected in the company's annual report for FY 2024-25 and the latest shareholding pattern as of December 31, 2025. He argued that such limited shareholding does not confer control, management rights, or ability to influence company affairs.

Regulatory Compliance Framework

The reclassification request falls under Regulation 31A of SEBI LODR Regulations, which provides a framework for reclassifying promoter/promoter group entities as public shareholders. The regulation requires fulfillment of prescribed conditions including absence of control, minimal shareholding, and non-involvement in management.

Pai cited multiple regulatory provisions supporting his case:

Section 2(69) of the Companies Act, 2013 defining "promoter"

Regulation 31A(3)(b) of SEBI LODR Regulations for reclassification eligibility

Regulation 2(1)(oo) and 2(1)(pp) of SEBI ICDR Regulations defining "promoter" and "promoter group"

Company's Response and Next Steps

Maha Rashtra Apex Corporation confirmed it will undertake necessary steps in compliance with Regulation 31A of the Listing Regulations. The company stated that the reclassification request will be considered by the Board of Directors in their next board meeting.

The promoter has requested the company to complete several actions within 15 days of receiving his letter, including placing the request before the Board of Directors, making requisite applications to stock exchanges, informing applicable regulators including RBI, and making accurate corrective disclosures in shareholding patterns.

Regulatory Intimation

The company's intimation to BSE Limited and National Stock Exchange of India Limited was made in compliance with Regulation 31A(8) of SEBI LODR Regulations, 2015. The notification included the copy of the request letter received from the promoter as an attachment to the formal communication.

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