Announced Mon, 13 Jul · 12:58 IST
Board okays Rs 650 crore preferential issue and major business pivot to AI
Fund Raising View source PDF
Price
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Price reaction · full curve 14 horizons · vs prior close
+4.0%1-day move
₹89.76
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AI summary
Board approved issuing up to 130 crore equity shares at Rs 5 each at par to non-promoter investors, raising up to Rs 650 crore. It also increased authorized capital from Rs 2.25 crore to Rs 2000 crore, changed main objects from electricity to AI, IT, healthcare, vehicle distribution and media, shifted registered office from Mumbai to Delhi, and appointed two new directors. Postal ballot ends August 12.
Likely market impact
Massive dilution of about 290 times existing shares and full business shift from electricity to AI and tech. Needs shareholder approval.