Board approves Rs 3,322 crore fundraise via preferential issue

Board & Shareholder Meetings View source PDF

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AI summary

Board approved raising up to Rs 3,322 crore via preferential issue. Includes 2.28 crore equity shares at Rs 416.60 to non-promoters (Rs 951 crore) and 5.69 crore convertible warrants at Rs 416.60 (Rs 2,371 crore) to promoter group and non-promoters, convertible within 12 months with 25 percent upfront. Authorized capital to rise from Rs 45 crore to Rs 63 crore. EGM on 4 August 2026, cut-off date 28 July 2026. Acuite Ratings appointed as monitoring agency.

Likely market impact

Significant equity dilution likely once shares and warrants are allotted. Need shareholder approval at EGM. Use of proceeds will be tracked by monitoring agency.