Mihika Industries Limited has approved a rights issue of equity shares up to 90 crore rupees and proposed increasing its authorized share capital to 100 crore rupees. The firm also reorganized its board by appointing three new independent directors and setting its 43rd AGM for September 1, 2026.
KOLKATA — Mihika Industries Limited announced on Friday, July 17, 2026, that its Board of Directors has formally approved a proposal to raise up to 90 crore rupees ($900\text{ million rupees}$) through a new rights issue of equity shares. Operating out of its registered office in Kolkata and corporate office in Ahmedabad, the micro-cap enterprise greenlit a sweeping transformation of its statutory architecture. This includes a tenfold expansion of its authorized share capital, the appointment of three new independent directors, and the comprehensive reconstitution of its core governance committees. The major financial restructuring represents an aggressive turn toward capital mobilization to fund future corporate growth.
Restructuring the Authorized Capital and Share Architecture
According to the official corporate regulatory filing, the Board of Directors convened a meeting between 5:15 P.M. and 6:15 P.M. at the company's corporate office located at Titanium City Centre in Ahmedabad, Gujarat. The first item approved during this session was a significant increase in the company’s authorized share capital.
The board approved an alteration to Clause V of the company's Memorandum of Association, multiplying the existing authorized share capital from 10 crore rupees divided into 1 crore equity shares of 10 rupees each, to 100 crore rupees ($1,000\text{ million rupees}$) divided into 10 crore equity shares of 10 rupees each. This structural update is aimed at accommodating the volume of new equity coming down the pipeline, subject to conclusive shareholder ratification at the company’s upcoming Annual General Meeting (AGM).
Terms of the 90 Crore Rupees Rights Issue
Following the adjustments to the company's authorized share capital, the board formally greenlit the issuance and allotment of new equity shares on a rights basis. The total capital generated through the upcoming issuance will not exceed an aggregate cap of 90 crore rupees.
To execute the market operation, the board has authorized the creation of a specialized sub-committee dubbed the "Right Issue Committee". This body is tasked with finalizing the exact number of equity shares to be issued, defining the pricing, determining the entitlement ratio, and establishing the formal market record date for eligible equity shareholders. Intermediaries have already been formally appointed to steer the transaction toward regulatory clearance under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Overhaul of the Board of Directors and Governance Committees
Alongside the capital mobilization strategy, the company's corporate board underwent an immediate executive reshuffle. Two existing independent directors, Mr. Saurabh and Ms. Reema Magotra, tendered their formal resignations effective July 17, 2026, citing pre-occupancy and confirming that no other material reasons prompted their departure.
To fill these vacancies and expand the oversight body, the company appointed three additional non-executive independent directors for a five-year tenure expiring on July 16, 2031:
Ms. Pooja Sarkar, a corporate governance expert with over four years of compliance experience with the Government of India and various listed entities.
Ms. Shruti Arora, a value-driven management professional bringing over 20 years of strategic leadership, finance, and transparent corporate governance experience.
Mr. Sudhanshu Shekhar, a practicing cost accountant with 11 years of experience across product costing, forensic audit, cost records management, and direct taxation.
Following these additions, the board immediately reconstituted its statutory committees. Mr. Sudhanshu Shekhar was named Chairperson of the Audit Committee, the Nomination and Remuneration Committee, and the Stakeholders Relationship Committee, working alongside fellow independent director Ms. Shruti and Managing Director Mr. Bipin Becharbhai Prajapati to lead the revamped oversight panels.
Impact on Retail Shareholders and Public Investors
For existing retail investors holding shares of the company on the BSE Limited exchange under security ID MIHIKA (Code: 538895), the rights issue provides a direct mechanism to maintain their proportionate ownership stakes. While a 90 crore rupees rights issue will cause dilution in public share percentages if not fully exercised, it introduces vital liquidity to scale corporate capabilities. Shareholders will vote to formally lock in these structural shifts at the 43rd Annual General Meeting, which has been scheduled to run virtually via video conferencing on September 1, 2026, at 3:00 P.M. IST.
Official Sources Section
Regulatory disclosures regarding this capital alteration were issued by Managing Director Bipin Becharbhai Prajapati under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing conforms precisely to the compliance rules set under the SEBI Master Circular dated November 11, 2024.
Quote Section
"According to officials at Mihika Industries Limited, the Board of Directors has considered and approved the raising of funds through the issuance and allotment of equity shares having a face value of 10 rupees each up to an aggregate amount not exceeding 90 crore rupees on a rights basis."
Why It Matters
The decision by Mihika Industries to exponentially boost its authorized share capital and issue up to 90 crore rupees in equity points to a coordinated plan to transition out of its micro-cap constraints. By appointing highly qualified compliance, accounting, and legal experts to steer its reconstructed audit and corporate relationship boards, the firm is strengthening its internal governance. This framework is vital for managing larger asset investments and building long-term investor trust.
Key Facts at a Glance
Rights Issue Target: The board has approved raising funds up to an aggregate cap of 90 crore rupees via an equity rights issue.
Capital Pool Expansion: Authorized share capital is set to increase from 10 crore rupees to 100 crore rupees, pending shareholder approval.
New Independent Leadership: Ms. Pooja Sarkar, Ms. Shruti, and Mr. Sudhanshu Shekhar have been appointed to five-year director terms.
Statutory Committee Reconstitution: Mr. Sudhanshu Shekhar assumes the chair of the Audit, Nomination, and Stakeholders Relationship committees.
Annual General Meeting: The 43rd virtual AGM is scheduled to take place on September 1, 2026, at 3:00 P.M. IST.
FAQ Section
Q1: What is the primary purpose of the rights issue announced by Mihika Industries?
The rights issue allows the company to raise up to 90 crore rupees in equity funding from existing eligible shareholders to strengthen its capital base for upcoming growth strategies.
Q2: How will the authorized capital change alter the company's share count?
The shift expands the total pool of issuable equity shares from 1 crore shares to 10 crore shares, while maintaining the face value of 10 rupees per share.
Q3: When can shareholders vote on these corporate changes?
Shareholders will review and vote on these structural alterations during the 43rd Annual General Meeting on September 1, 2026, held via video conferencing.
Q4: Who is leading the newly reconstituted Audit Committee?
Mr. Sudhanshu Shekhar, a practicing cost accountant appointed as an independent director, has been named the Chairperson of the Audit Committee.
Source: Mihika Industries Limited Investor Relations Portal, BSE Limited Corporate Filing Desk.
