Uday Narang Set for 11.3% of Listed Prime Industries

Uday Narang, founder of the electric vehicle maker Omega Seiki Mobility, is set to become the largest non-promoter shareholder in a listed company he had barely any position in until now.

Prime Industries Limited, which trades on the BSE under scrip code 519299, told the exchange on 20 September 2026 that its board had approved a preferential issue of up to 27,30,000 equity shares at ₹42 each. Narang is down for 24,92,500 of them. A second investor, Kushal Muchhal, takes the remaining 2,37,500.

Narang held 1,93,342 shares before this, which is 0.92% of the company. Afterwards he would hold 26,85,842, or 11.32%. Muchhal would hold 1.00%.

What the money actually is

The issue raises ₹11.47 crore in total, a figure the filing states in full as ₹11,46,60,000. Narang's share of that is about ₹10.5 crore and Muchhal's is just under ₹1 crore.

A figure of ₹11.86 crore has been circulating alongside this deal, and it is worth separating the two because they measure different things. ₹11,86,67,000 is the company's paid-up share capital after the issue, being 2,37,33,400 shares at a ₹5 face value. It is the size of the company's equity base, not the money coming in.

The distinction matters for anyone reading this as an investor. One number is what the company will be worth on paper in capital terms, the other is cash arriving on the balance sheet.

It has not happened yet

The board has approved the issue. The shareholders have not.

The allotment is subject to approval at Prime Industries' 34th annual general meeting, with 12 October 2026 fixed as the cut-off date for determining who is eligible to vote. Until that vote passes, Narang's 11.32% is a proposal rather than a holding, and the ₹11.47 crore has not been paid.

The same board meeting approved raising the company's authorised share capital from ₹35 crore to ₹40 crore, which is the mechanical step that makes room for the new shares, and altered the object clause of the memorandum of association. That last item is the one that signals intent, because a company changes its stated objects when it plans to do something its constitution does not currently cover.

What Prime Industries is turning into

The company describes itself as holding minority and majority interests across defence, nuclear and advanced manufacturing, including Kay Bouvet Engineering and Linga Agri. Kay Bouvet does heavy engineering for nuclear, defence and space applications.

The board also appointed Deepak Handa as an additional director in a non-executive capacity. Handa is currently technical director for operations and business development at Omega Bright Steel, which places a second person from Narang's orbit on the board at the same meeting that clears his shareholding.

Narang's own relevance to a defence and precision manufacturing business runs through OBSC Perfection, where he is a promoter, and which does CNC machining, investment casting, forging and stamping for industrial customers including defence and aerospace. That is the connection doing the work here. Omega Seiki builds electric three-wheelers, which has little to do with nuclear engineering, but the machining and casting platform sits directly alongside what Prime Industries says it wants to build.

The part to keep an eye on

An 11.32% holding is large enough to matter and short of the 25% that confers a blocking vote on special resolutions. Narang arrives as the biggest name on the register without control, alongside a director from his own group and a company whose stated objects have just been widened.

What I would watch is whether the Special Product Division and the R&D centre the company has talked about turn into disclosed capital expenditure at specific sites. Small listed manufacturing companies announce pivots into defence more often than they complete them, and the gap between an altered object clause and a working plant is measured in years and considerably more than ₹11 crore. The filings after the AGM will say more than the announcement does.

Common questions

How much is Prime Industries raising, and from whom?

₹11.47 crore in total, through a preferential issue of 27,30,000 shares at ₹42 each. Uday Narang is taking 24,92,500 shares for about ₹10.5 crore and Kushal Muchhal 2,37,500 for just under ₹1 crore.

What stake will Uday Narang hold?

11.32% of the post-issue equity, up from 0.92%. He is classified as a non-promoter investor.

Is the deal complete?

No. The board approved it on 20 September 2026, but the allotment needs shareholder approval at the company's annual general meeting, with 12 October 2026 set as the voting cut-off date.

All figures come from Prime Industries Limited's disclosure to BSE dated 20 September 2026 under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations. Background on Narang's other interests comes from the company's announcement. This article is a report of a regulatory filing and is not investment advice.