Pennar Industries to issue ₹50.4 Cr warrants to promoter

Pennar Industries Ltd's Board of Directors, in a meeting on April 10, 2026, approved a preferential issue of up to 30,00,000 convertible equity warrants to its promoter, Pennar Holdings Private Limited. Each warrant is priced at ₹168, aggregating to ₹50.40 Crores. These warrants are convertible into one equity share of ₹5 face value within 18 months, with an upfront payment of 25% of the issue size. The board also approved the re-appointment of Mr. RVS Ramakrishna as an Independent Director for a second five-year term and noted the resignation of Mr. P V Rao, Non-Executive Non-Independent Director, effective April 11, 2026. An Extra-Ordinary General Meeting (EGM) is scheduled for May 8, 2026, to seek shareholder approval for the warrant issue and other matters, with April 30, 2026, as the cut-off date for e-voting.