Notice of EGM enclosed herewith.
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Awaiting price reaction for this filing.
Ace Men Engg Works Ltd has called an EGM on September 12, 2025 at 3:00 PM (via video conference) to seek shareholder approval on six key items. The company wants to raise its authorised share capital from Rs. 3.5 crore to Rs. 14 crore (a 4x increase) to create room for new issuances. It is also seeking approval to make loans, investments, and guarantees up to Rs. 500 crore (under Section 186) and to borrow up to Rs. 500 crore (under Section 180(1)(c)). A large related-party transaction limit of Rs. 500 crore is being sought as well. Most notably, the company plans to issue 98.16 lakh equity shares at Rs. 64 per share (premium of Rs. 54) on a preferential, share-swap basis to acquire 9.81 lakh shares (a 98.16% stake) of Manibhadra Industries Pvt Ltd, valued at Rs. 62.82 crore. Finally, Ms. Dakshaben Sanjaykumar Prajapati will be regularised as a Non-Executive Independent Director for a five-year term. E-voting runs from September 9 to September 11, 2025, with a cut-off date of September 5, 2025.
This is a transformational EGM — shareholders are being asked to approve a major acquisition funded entirely through a share swap, which will meaningfully dilute existing holders while bringing Manibhadra Industries onto the company's books. The large borrowing, investment, and related-party transaction limits (Rs. 500 crore each) signal ambitious expansion plans but also warrant close scrutiny from investors given the scale relative to the company's current size.