Maha Rashtra Apex Corporation Publishes Rights Issue Allotment Advertisement in Newspapers

Maha Rashtra Apex Corporation Limited has published newspaper advertisements pertaining to the basis of allotment for its rights issue of 1,40,91,896 equity shares, pursuant to Regulation 92(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"). The advertisement was published on Friday, May 08, 2026 in Financial Express (English national daily), Jansatta (Hindi national daily), and Vishwavani (regional language daily published at the place of the company's registered office). The intimation was filed with BSE Limited and National Stock Exchange of India Limited on May 09, 2026 by Jamsheed Minoo Panday, Company Secretary and Compliance Officer.

Rights Issue Overview

The rights issue comprised 1,40,91,896 equity shares of face value Rs. 10 each, issued at par (Rs. 10 per share), aggregating up to Rs. 14,09,18,960. The issue was offered in the ratio of 1 (one) rights equity share for every 1 (one) fully paid-up equity share held by existing equity shareholders on the record date of Friday, March 20, 2026. The subscription window opened on Thursday, April 02, 2026 and closed on Thursday, April 30, 2026, with the last date for on-market renunciation of Rights Entitlements being Friday, April 24, 2026.

Subscription and Allotment Details

The rights issue received strong investor response, with the total valid applications amounting to 504.12% of the issue size. Out of 2,679 total applications for 7,17,78,111 equity shares received through the Application Supported by Blocked Amount ("ASBA") process, 428 applications for 7,37,562 equity shares were rejected due to technical reasons. The total number of valid applications stood at 2,251 for 7,10,40,549 rights equity shares. The basis of allotment was finalised on Monday, May 04, 2026 in consultation with the Registrar to the Issue and BSE, the Designated Stock Exchange.

The following table summarises the applications received and allotment made across investor categories:

Category: Applications (No.) Applications (%) Shares Applied (No.) Shares Applied Value (Rs.) Shares Applied (%) Shares Allotted (No.) Shares Allotted Value (Rs.) Shares Allotted (%) Eligible Equity Shareholders 2183 81.48 70414148 704141480 98.10 13959833 139598330 99.06 Renouncees 94 3.50 1064971 10649710 1.48 132063 1320630 0.94 Not an Eligible Shareholder 402 15.00 298992 2989920 0.42 0 0 0 Total 2679 100 71778111 717781110 100 14091896 140918960 100

Basis of Allotment

The table below presents the category-wise breakdown of valid applications considered and shares allotted:

Category: Valid Applications Considered Shares Allotted Against Rights Entitlements (A) Shares Allotted Against Additional Shares Applied (B) Total Shares Allotted (A+B) Eligible Equity Shareholders 2158 11001739 2958094 13959833 Renouncees 93 132063 0 132063 Total 2251 11133802 2958094 14091896

Capital Structure Changes

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

Particulars: No. of Equity Shares Amount (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

Post-Allotment Timeline

Key post-allotment milestones and their respective dates are outlined below:

Milestone: Date Basis of Allotment Finalised Monday, May 04, 2026 ASBA Unblocking Instructions to SCSBs Monday, May 04, 2026 Listing Application Filed with BSE & NSE Tuesday, May 05, 2026 Listing Approval Received Wednesday, May 06, 2026 Allotment Advice / Demat Credit Completed Thursday, May 07, 2026 Newspaper Advertisement Published Friday, May 08, 2026 Expected Commencement of Trading Tuesday, May 12, 2026

The rights equity shares allotted are expected to commence trading on BSE Limited and NSE Limited on or about Tuesday, May 12, 2026, under ISIN INE843B01013, the same as the existing equity shares. No physical shares were tendered in the rights issue. The allotment was approved by the Board of Directors at its meeting held on April 04, 2026, conducted in consultation with Purva Sharegistry India Limited as Registrar to the Issue.

Regulatory Compliance

The company has complied with the disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The newspaper publication was made pursuant to Regulation 92(1) of the SEBI ICDR Regulations. The Letter of Offer is available on the websites of BSE Limited, NSE Limited, Purva Sharegistry India Limited, and the company's official website at https://www.maharashtraapex.com/ .

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.

We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better.

Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians.

As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. They value time and seek high quality products & services. Most screening, trading, investing platforms available today are more or less similar to each other, and they have not evolved with time. While both traders & investors have gotten smart about how they make money and build wealth, as users they have continued to use the same products, features, and platforms that were available for years with little or no innovation.

We plan to change that - a technology-led and artificial intelligence enabled platform built for super traders and long term investors.

Disclaimer:

The data and information provided on this website is for general informational and research purposes only. While we strive to ensure that the content is accurate, up-to-date, and reliable, this platform utilizes artificial intelligence (AI) tools to generate, curate, and summarize information. As such, the content may occasionally contain errors, omissions, or outdated information. All users are therefore advised to cross verify the source of the data and information.

This website does not constitute professional, legal, financial, medical, or any other form of licensed advice. Users are encouraged to independently verify any information before relying on it, especially for decisions that may have legal, financial, or personal consequences.

The views, analyses, and summaries presented on this platform may be generated or assisted by AI and do not necessarily reflect the opinions of the website owners, operators, editors, or affiliates.

We make no warranties or representations, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information contained on this website. Any reliance you place on such information is strictly at your own risk.

This website may include links to third-party sources or content. We do not control or endorse the nature, accuracy, or availability of those external sites and are not responsible for any content or damages arising from their use.

By using this website, you acknowledge and agree that the use of AI-generated content involves inherent limitations, uncertainties and inaccuracies, and you accept full responsibility for how you interpret and use the information provided.

We reserve the right to modify, update, or remove content and this disclaimer at any time without prior notice.