Corrigendum To the Notice of the Extra Ordinary General Meeting
Awaiting price reaction for this filing.
Omega Interactive Technologies has issued a corrigendum to the notice of its Extra-Ordinary General Meeting (EGM) scheduled for September 01, 2025, adding details on the proposed preferential allotment of up to 92,00,000 (92 lakh) Fully Convertible Equity Warrants at Rs. 103.50 per warrant, aggregating up to Rs. 95.22 crore. Each warrant is convertible into one equity share (face value Rs. 10) within 18 months, with allottees paying 25% upfront and the balance 75% on conversion. The warrants are proposed to be allotted to 20 non-promoter public allottees (18 resident individuals and 2 body corporates), with promoters not subscribing. Stated use of proceeds includes Rs. 29.80 crore for film production, Rs. 230 crore for purchase of land for a movie studio, Rs. 20 crore for working capital, and Rs. 15.42 crore for general corporate purposes — note that the land-related figure (Rs. 230 crore) far exceeds the total issue size of Rs. 95.22 crore, which appears inconsistent in the disclosed objects.
If fully converted, the share count would expand roughly 5-fold from 22.76 lakh to 1.14 crore equity shares, leading to significant dilution for existing shareholders. The use of proceeds points to a pivot toward film production and movie studio infrastructure, though the mismatch between stated land-acquisition cost (Rs. 230 crore) and the actual raise (Rs. 95.22 crore) may warrant clarification from the company.