Afcons Infrastructure Limited has informed the Exchange regarding Notice of Postal Ballot dated February 27, 2026
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Afcons Infrastructure has sent a Postal Ballot Notice to shareholders seeking their approval for a material related party transaction with Shapoorji Pallonji Mideast LLC (SP Mideast), a promoter group company. The total transaction value is capped at Rs 5,200 crore, broken into Rs 4,000 crore worth of subcontract works and Rs 1,200 crore in corporate guarantees or letters of comfort. The work relates to the Fahid Island Development Project in Abu Dhabi, UAE, which SP Mideast recently secured. Afcons wants to directly participate alongside SP Mideast in executing the infrastructure packages of this project, citing its strong execution track record and existing Abu Dhabi presence. Shareholders can vote electronically through NSDL from March 5, 2026 to April 3, 2026, with results expected by April 4, 2026.
Approval will allow Afcons to directly take on a large overseas project worth up to Rs 4,000 crore plus Rs 1,200 crore in guarantees, boosting its order book and Abu Dhabi presence. However, the transaction is with a promoter group entity, so minority shareholders should watch for arm's-length pricing and governance. Shareholders need to vote before April 3, 2026 for their say in the matter.