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Awaiting price reaction for this filing.
Ace Men Engg Works has issued a corrigendum to its EGM notice (original dated August 14, 2025) to correct typographical errors in the list of allottees and to add details about the target company Manibhadra Industries Pvt Ltd (MIPL). The EGM, scheduled for September 12, 2025, will consider approving a preferential share swap to acquire 100% of MIPL (which is in the lighting, wires, cables, fans business). The company proposes to issue 98,16,000 equity shares at Rs. 64 each (Rs. 10 face value + Rs. 54 premium) to 34 non-promoter allottees, as consideration worth Rs. 62.82 crores for acquiring 9,81,600 MIPL shares at Rs. 640 each. The total share count will expand roughly 4x from 30.98 lakh to 1.29 crore shares, diluting promoter holding from 2.55% to 0.61% and non-promoter share from 78.94% to 92.32%. No promoter or KMP is subscribing to the issue, there is no change in control, and the allotment must be completed within 15 days of EGM approval.
Existing shareholders face significant dilution (over 4x expansion of share count), though the acquisition is structured as a cash-free share swap aimed at diversifying into lighting and cables without straining liquidity. Investors should review the corrigendum and target company details on the company's website before the September 12 EGM vote.