Mini Diamonds India Ltd

Promotion details

• Namra Jewels, a wholly owned subsidiary of MDIL, announces Rakshabandhan promotional discount.
• Flat 15% discount valid from 24 August 2026 for one week across stores.
• Aims to improve accessibility and customer engagement for lab-grown diamond jewellery.
• Management highlights Rakshabandhan as a key gifting occasion supporting product expansion.

Order details

• Awarding entity: Saharsh Exports (Mumbai-based domestic client) awarding the order.
• Nature and scope: supply of cut and polished lab-grown diamonds.
• Order value: INR 14.25 crore; domestic contract.
• Time to execute: within 4 months from order date.
• Payment terms: payment on or before 180 days from order completion.
• Promoter/related party: No, order with arm's-length terms.

Resolution details

• Special resolution to approve issuance of convertible warrants on a preferential basis to promoter group.
• Promoter group expressed interest in the agenda: Yes.
• Passed with overwhelming support: 43,243,926 in favour; 935 against.
• Abstentions were 2 members (270 shares) excluded from valid vote tally.

Notes

• Unclaimed equity shares totaling 14,286,000 sit in an unclaimed securities suspense account.
• Consolidated Scrutinizer's Report issued by Manish Ghia & Associates.

Resolution details

• Type: Special; issue of convertible warrants on a preferential basis to promoter/promoter group.
• Promoter/promoter group as intended allottees under the preferential issue.
• Voting results to be announced by BSE and company website within two working days.
• EGM held physically on 7 August 2026 with 87 attendees.

Meeting Details

• Board meeting on Aug 3, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated results for quarter ended June 30, 2026.

Other Notes

• Trading window closed from July 1, 2026; reopens 48 hours after unaudited results declaration.

MTO rollout through Namra Jewels

• MDIL, through Namra Jewels Private Limited, has launched Make to Order for retail customers.
• The MTO allows customers to customize design, diamond specs, metal, size, and other requirements.
• Each piece is manufactured against confirmed customer orders.
• The initiative aims to optimize inventory and improve working capital efficiency.
• It enhances flexibility to respond to changing customer requirements and design trends.
• Rollout covers both online and offline retail platforms.

Purpose of EGM

• Special resolution to issue up to 1,11,00,000 convertible warrants to promoter and promoter group.
• Warrants priced at INR 8 each; convertible into equity shares.
• Private placement to promoter/promoter group; floor price defined.

Resolution details

• Warrants up to 1,11,00,000; price INR 8; total ₹8.88 crore.
• Upendra Narottamdas Shah and Ronish U Shah named as initial allottees.
• 25% upfront; 75% on conversion of warrants.
• Conversion period: 18 months from allotment; lapse if not converted.
• Post-issue promoter holding rises to 9.02%; no control change.
• Listing on BSE post-conversion; funds kept in separate bank account.
• Net proceeds to be used for expansion of lab-grown diamond business.
• Relevant date for floor price: 08 July 2026.
• Independent valuer: Shreyansh M Jain; pricing methodology described.

Voting status

• Voting outcome is not yet known; results to be declared within 2 working days after EGM.

Shareholding impact

• Promoter and promoter group post-issue stake at 9.02% of total equity.
• No change in control anticipated.

Use of proceeds

• Object: expansion of lab-grown diamond business; 100% of net proceeds.
• Timeline: deployment within 3 months; rest within 18 months.
• Utilization includes manufacturing expansion, procurement, working capital.
• Funds to be kept in a separate bank account.

Governance/management

• No director appointments or removals disclosed.

Warrant issuance and EGM plan

• Board approves preferential issue of up to 1,11,00,000 Warrants at ₹8 each.
• Aggregate value ₹8.88 crore under the issue.
• Warrants convertible into equity shares of ₹2 each.
• Issuance to Promoter Group on a preferential basis, subject to approvals.
• EGM to seek member approval on 7 Aug 2026.
• Proposed investors: Upendra Narottamdas Shah and Ronish U Shah.
• Each investor to be allotted 55,50,000 warrants.
• Post-issue holdings: Upendra 55,60,000 shares; Ronish 55,50,000 shares.
• Warrant tenure: 18 months from allotment; exercise in one or more tranches.
• If unexercised, warrants lapse and amount paid forfeited.
• Requires member approval and other regulatory clearances.