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Awaiting price reaction for this filing.
Amic Forgings Limited has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for November 5, 2025, at 3:00 PM via video conferencing. The changes relate to Resolution No. 1 concerning the preferential issue of equity shares and warrants. Three changes have been made to the proposed list of allottees: Mr. Sundip Kumar Gupta (who was to subscribe to 6,500 shares) has been replaced with Mrs. Aditi Gupta; Mrs. Meenakshi Agarwal has been removed for selling her pre-preferential shares (a contravention of SEBI ICDR Regulations), with Mr. Sharad Kumar Agarwala added in her place; and Divine Kailash Realtors LLP has been removed and replaced with Mr. Shekhar Agarwal. The revised list includes the promoter Rashmi Chamaria (13.10% pre-issue) and 24 non-promoter allottees. The use of proceeds has also been clarified: ₹40 crore for capital expenditure (new plant, machinery, land, backward integration), ₹3 crore for working capital (raw material procurement), and ₹2.99 crore for general corporate purposes — all to be deployed within 6 months of receiving funds.
The original preferential allotment plan had regulatory issues under SEBI's ICDR Regulations, which the company is now fixing. For shareholders, the preferential issue and the planned capital raise of roughly ₹46 crore remain intact, meaning potential dilution (the promoter holding shifts from 13.10% to 13.07% post-issue). The focus on a new plant and backward integration signals upcoming capacity expansion, which could be positive for future revenue but may pressure margins in the near term.