Board approves new CS, capital hike, Rs 250 Cr promoter preference issue
Awaiting price reaction for this filing.
Board approved: Rajendra Biswal appointed as Company Secretary and Compliance Officer. Authorized Share Capital to rise from Rs 110 Crore to Rs 500 Crore (Rs 230 Crore equity plus Rs 270 Crore preference). Issue of up to 25 crore 0.01 percent non-cumulative non-convertible redeemable preference shares worth Rs 250 Crore to promoter Ocean Capital Market Ltd on private placement basis, 22 month tenure, redeemable at 12 percent IRR. Material related party transaction with Ocean Capital Market. Postal ballot e-voting from July 31 to August 29, 2026 for shareholder approval.
Promoter-led Rs 250 Cr preference share issue and 4.5x jump in authorized capital require shareholder approval. Watch voting outcome and any dilution impact.