Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Annual Report of the 33rd Annual General Meeting ....
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The company has submitted its 33rd Annual Report for FY 2024-25 along with the AGM notice, with the meeting scheduled for July 12, 2025 via video conferencing. Key business items include adoption of audited financial statements and re-appointment of Mr. Vishaal Nandam as director. The company is seeking shareholder approval to issue 1,24,67,500 equity shares to non-promoters at ₹40 per share, raising about ₹49.87 crore. It also proposes issuing 1,18,00,000 convertible warrants at ₹40 each to promoters (Eswara Rao Nandam, Uma Nandam, and Vishaal Nandam) for about ₹47.20 crore. Additionally, the company seeks approval for a material related party transaction of ₹25 crore for material procurement from Polymatech Electronics Limited, a promoter group company, for FY 2025-26. Two new independent directors (S. Balasubramanian and Alan M Wagner) are also being regularised for 5-year terms, and Jitendra Parmar & Associates is being appointed as Secretarial Auditor for five years.
Existing shareholders will see significant dilution if both preferential allotments go through — about ₹97 crore combined capital raise from non-promoters and promoters. The ₹25 crore related-party procurement deal with promoter-group entity Polymatech Electronics is a notable governance point worth watching for shareholders.