The Board of Directors of Safari Industries met on February 10, 2026, approving a proposal to raise up to ₹500 Crore via a Qualified Institutions Placement (QIP) of equity shares. Additionally, the Board recommended the re-appointment of Mr. Sudhir Jatia as Managing Director for a further 5-year term. The meeting also noted the resignation of the Company Secretary, Mr. Rameez Shaikh, and approved a change in the Registrar and Share Transfer Agent (RTA).
Key Outcomes of the Board Meeting (February 10, 2026)
The Board of Directors of Safari Industries (India) Limited held a meeting on Tuesday, February 10, 2026, concluding at 2:30 pm (IST). The primary items considered and approved related to fundraising, key managerial appointments, and regulatory changes.
1. Approval for Fundraising via QIP
The Board approved the proposal, subject to shareholder consent, to raise capital by issuing equity shares through a Qualified Institutions Placement (QIP).
- Type of Security: Equity Shares with a face value of Rs. 2/- each.
- Maximum Amount: An aggregate amount not exceeding Rs. 500 Crore (Rupees Five Hundred Crore) or its equivalent, inclusive of any premium fixed on the shares.
2. Re-appointment of Managing Director
The Board recommended the re-appointment of Mr. Sudhir Jatia (DIN: 00031969) as the Managing Director, based on the recommendation of the Nomination, Remuneration, and Compensation Committee.
- Current Term End Date: April 17, 2026.
- New Term: A further term of 5 years, effective from April 18, 2026, to April 17, 2031.
- Profile Note: Mr. Jatia has over three decades of experience in the Indian luggage industry, having acquired Safari Industries in 2012.
The Board also approved issuing a Postal Ballot Notice to the Members concerning the re-appointment of Mr. Jatia and the QIP proposal.
3. Resignation of Key Personnel
The Board accepted the resignation tendered by Mr. Rameez Shaikh (Membership No. A24939) from the positions of Company Secretary, Compliance Officer, and Nodal Officer, effective from the close of business hours on April 17, 2026. Mr. Shaikh is leaving to pursue alternate professional opportunities.
The company conveyed appreciation for his contributions and stated it is currently in the process of identifying a suitable replacement.
4. Change in Registrar and Share Transfer Agent (RTA)
The Board approved a change in the Company’s RTA from Adroit Corporate Services Private Limited to MUFG Intime India Private Limited (SEBI Registration No. INR000004058).
- Rationale: This change is necessitated by the exponential growth in the number of shareholders and the company’s market share, requiring an RTA with greater expertise and infrastructure.
- Transition Period: Adroit Corporate Services will continue as RTA until the completion of data transition and receipt of necessary confirmations from depositories. The effective date of change will be intimated in due course.
Source: BSE
