Notice of Extra Ordinary General Meeting
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Cospower Engineering Ltd has called an Extra-Ordinary General Meeting on 19th December 2025 to consider six special business items. The key proposals include: (1) increasing the authorised share capital from Rs. 1.75 crore to Rs. 2 crore, and (2) issuing up to 1,62,000 equity shares on a preferential basis at Rs. 990 per share to a non-promoter allottee named Swapna Gunda, raising approximately Rs. 16.04 crore in cash. The company stated the funds will be used for acquisition of a subsidiary, capital expenditure, and working capital needs. The remaining four items seek shareholder approval to revise the remuneration of four directors — Managing Director Felix Shridhar Kadam, Whole-Time Director Oswald Rosario Dsouza, and Non-Executive Directors Janet Dsouza and Christbell Felix Kadam — for the period April 2025 to September 2027, including paying them as minimum remuneration even if the company has inadequate or no profits.
The preferential issue at a steep premium (Rs. 990 vs Rs. 10 face value) brings in fresh capital and signals promoter confidence, but will dilute existing shareholders by nearly 9.3% (1.62 lakh new shares vs 17.5 lakh existing authorised). The proposal to pay enhanced director remuneration even when profits are inadequate is a red flag for minority shareholders, as it prioritises management payouts over shareholder returns. Subsidiary acquisition plans could be a positive growth driver if executed well.