Proceedings of the 12th AGM of Afcom Holdings Limited on September 25, 2025
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Afcom Holdings (AFCOM Cargo) held its 12th AGM on September 25, 2025, via video conferencing, with 45 members attending. All 9 resolutions were passed, including adoption of FY25 audited financials (auditor's report had no qualifications), reappointment of Mr. Jaganmohan Manthena as Non-Executive Director, and appointment of two new Independent Directors — Ms. Arundhati Mech and Mr. Sudhir Laxmikant Deoras. Shareholders also approved key capital-related items: increase in authorised share capital, alteration of Articles of Association, issuance of fully convertible warrants on a preferential basis, issuance of equity shares to non-promoters on a preferential basis, and a proposal for capital raising via Qualified Institutions Placement (QIP) in one or more tranches. Financial highlights shared at the AGM show total income growing from ₹4,866.97 lakh in FY22 to ₹14,490.12 lakh in FY25, with Q1 FY26 reporting 5,278.70 tons of cargo handled across 410 trips and 63 pure charters.
The approvals for preferential warrants, non-promoter equity issuance, and QIP signal potential equity dilution for existing shareholders but also open the door to fresh capital for the cargo airline business. The addition of two new independent directors is a positive governance signal, though investors should watch for the pricing and size of the upcoming capital raises.