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Awaiting price reaction for this filing.
Ace Men Engg Works has filed a corrigendum to its EGM notice (originally dated August 14, 2025) to fix typographical errors in the list of allottees, their post-issue shareholding percentages, and details about the acquisition target. The EGM is scheduled for September 12, 2025 via video conference. The key resolution seeks shareholder approval for issuing 98,16,000 equity shares of Rs. 10 face value at Rs. 64 per share (including Rs. 54 premium) on a preferential basis to acquire 100% of Manibhadra Industries Private Limited (MIPL) through a share swap worth Rs. 62.82 crores. MIPL operates in indoor/outdoor lighting, wires and cables, poles, high mast, and fans. The issue will dilute promoter holding from 2.55% to 0.61%, while non-promoter holding will rise to 99.39% post-issue, with total shares expanding from about 31 lakh to nearly 1.29 crore.
Existing shareholders will face significant dilution (over 4x increase in share count), but the acquisition is structured as a non-cash share swap so no immediate cash is deployed. The deal signals a strategic diversification into the lighting and electrical products business, but the steep dilution and entry of 34 new allottees (none are existing promoters) could weigh on promoter control and per-share metrics.