2nd (Second) Corrigendum to the Notice of Extra-Ordinary General Meeting scheduled to be held on Thursday, August 21, 2025
ARIHANTCAP · price
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Arihant Capital Markets has issued a 2nd corrigendum to its EGM notice dated July 28, 2025, ahead of the EGM scheduled for August 21, 2025. The EGM is for approving a preferential issue of equity shares at ₹87 per share, aimed at raising ₹91.35 crore. The company has now disclosed the detailed use of proceeds: ₹45.67 crore for business growth, expansion, technology upgrades and strategic initiatives, ₹27.41 crore for working capital and capital expenditure, and ₹18.27 crore for general corporate purposes, to be utilized within 12 months. The corrigendum also reveals an inadvertent error in the FY2023 PAT figure used in the valuation report—the correct figure is ₹2,911.76 lakhs instead of ₹3,858.34 lakhs. As a result, the average valuation per share has been revised to ₹76.57 from ₹77.31, though the minimum fair value under ICDR Regulations remains ₹86.63 per share, so the issue price of ₹87 stays unchanged.
Existing shareholders will see equity dilution if the preferential allotment is approved, but the issue price remains unchanged despite the valuation correction. The raised capital is earmarked for growth, tech upgrades, and working capital, which could support the company's broking operations and expansion plans over the next 12 months.