Akash Infra Projects Limited has informed the Exchange about Shareholders meeting
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Akash Infra Projects has called an EGM on March 16, 2026, at 4:00 PM via video conferencing, to seek shareholder approval for two key items. First, to increase the authorised share capital from Rs. 17 crore to Rs. 22 crore, allowing for 2.2 crore equity shares of Rs. 10 each (up from 1.7 crore). Second, to issue up to 40 lakh convertible warrants at Rs. 40 per warrant, potentially raising up to Rs. 16 crore in total. Each warrant can be converted into one equity share of Rs. 10 face value within 18 months, with 25% (Rs. 10 per warrant) payable upfront and the remaining 75% on conversion. Out of the 40 lakh warrants, 30 lakh are proposed to be allotted to promoter and promoter group members (including MD Yoginkumar Patel getting 7 lakh and Chairman Ambusinh Gol getting 5 lakh), and 10 lakh to public category allottees. The company plans to use the proceeds for working capital needs, specifically procuring raw materials like bitumen, grit/kapachi, and cement for road construction projects. Remote e-voting is open from March 13-15, 2026, with cut-off date of March 9, 2026.
If approved, this will result in significant dilution for existing shareholders - up to 40 lakh new shares (warrants) will be added to the current 1.7 crore authorised shares, with the majority going to promoters and promoter group, thereby increasing their stake. The Rs. 16 crore capital infusion (if fully subscribed and converted) will strengthen working capital for road infrastructure projects, potentially supporting business growth, but existing minority shareholders will see their proportionate ownership reduced.