Update on Extra-ordinary General Meeting was held on 09th June, 2025
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Awaiting price reaction for this filing.
CMBL filed a corrigendum to its EGM notice after BSE raised queries (ref no. 231944 dated 19th June 2025). For Item No. 2, the issue price for the proposed preferential allotment of 5,07,75,761 equity shares to 10 Non-Promoter entities (against conversion of unsecured loans of ₹81.65 crore) was revised from ₹10 to ₹16.08 per share, based on the NAV valuation method. For Item No. 3, a separate preferential issue of 93,28,358 equity shares at ₹16.08 each (aggregating ₹15 crore) to two non-promoter entities — Safelock Consultancy and Wildpiano Software Solutions — was also revised at the same price. Post-issue, promoter holding will drop sharply from 59.99% to 3.12%, while Bodies Corporate public holding will jump from 24.07% to 96.05%, with total share count expanding from 33 lakh to about 6.34 crore shares.
Existing public shareholders face extreme dilution as the share base expands nearly 19-fold, but the company sheds ~₹81.65 crore of debt by converting it into equity, and the upward revision in issue price to ₹16.08 (vs. earlier ₹10) is marginally favorable to existing holders.