The Board of Directors of Safari Industries (India) Limited approved a proposal to raise up to Rs 500 Crore through a Qualified Institutions Placement (QIP) of equity shares. Additionally, the Board recommended the re-appointment of Mr. Sudhir Jatia as Managing Director for another five-year term, effective April 18, 2026. The meeting also noted the resignation of the Company Secretary and approved a change in the Registrar and Share Transfer Agent (RTA).
Fundraising Approval via QIP
The Board has sanctioned a plan to raise funds through a Qualified Institutions Placement (QIP) by issuing up to Rs 500 Crore worth of equity shares. These shares will have a face value of Rs 2/- each. This proposal is subject to the necessary approval from the Members of the Company.
Managing Director Re-appointment Confirmed
The Board considered and recommended the re-appointment of Mr. Sudhir Jatia (DIN: 00031969) as the Managing Director. Given that his existing term ends on April 17, 2026, the recommended new term is for five years, commencing from April 18, 2026, up to April 17, 2031. Mr. Jatia, who holds extensive experience in the Luggage Industry, is not related to any other Director of the Company.
Resignation of Key Officer Noted
The Board accepted the resignation tendered by Mr. Rameez Shaikh (Membership No. A24939) from his positions as Company Secretary, Compliance Officer, and Nodal Officer. Mr. Shaikh intends to pursue external professional opportunities and will be relieved of his duties effective from the close of business hours on April 17, 2026. The Company is currently in the process of identifying a suitable candidate to fill the resulting vacancy.
Change in Registrar and Share Transfer Agent (RTA)
The Board approved a change in the RTA from Adroit Corporate Services Private Limited to MUFG Intime India Private Limited (SEBI Registration No. INR000004058). This decision was based on the exponential growth in the number of shareholders and the need for an RTA with substantial market presence and infrastructure. Adroit Corporate Services will continue to manage operations until the data transition process, including connectivity shifting, is successfully completed.
Notice of Postal Ballot Issued
Following the decisions made during the meeting, which commenced at 11:00 am (IST) and concluded at 2:30 pm (IST), the Board approved the issuance of a Postal Ballot Notice. This Notice pertains to seeking member approval for both the re-appointment of Mr. Sudhir Jatia and the raising of funds via QIP.
Source: BSE
