Corrigendum to the AGM Notice
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Afcom Holdings has issued a corrigendum to its September 3, 2025 AGM notice (scheduled for September 25, 2025) providing detailed disclosures on its Preferential Issue and Qualified Institutional Placement (QIP). The company plans to induct 4 Boeing 777 wide-body aircraft (in addition to 5 Boeing 737-800 narrow-body aircraft planned in Phase I) to establish Chennai as an international cargo hub connecting Japan to South & West Africa. The Preferential Issue, targeting Rs. 20,719.45 Lakhs (~Rs. 207.19 Cr), will fund 2 Boeing 777 aircraft (Rs. 17,592 Lakhs capex plus Rs. 3,127.45 Lakhs for general corporate purposes), while the QIP will fund 2 additional Boeing 777s. The proceeds include lease rental deposits, custom duties, insurance, crew training, and other entry-into-service costs. Promoters Deepak Parasuraman, Manjula A, and Kannan Ramakrishnan will participate in the preferential issue. M/s. Brickwork Ratings has been appointed as the monitoring agency since the issue exceeds Rs. 100 Crore.
This signals a major capacity expansion plan funded partly through equity dilution. Shareholders should expect potential dilution from both the preferential issue (with promoter participation showing confidence) and the QIP. The large capex plan indicates ambitious growth but also execution risk given 12-20 month gestation periods for wide-body aircraft induction.