Outcome of Board Meeting held on February 13, 2026
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The Board approved the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. Statutory auditors V.K. Beswal & Associates issued an unqualified limited review report on both sets of results. The company completed a Rights Issue, raising Rs. 314.70 crore by allotting 3,933,863 equity shares at Rs. 80 per share (including premium) on December 29, 2025. Proceeds are earmarked for repaying inter-corporate deposits, investing in subsidiaries (notably Avelum Partner LLC in Kyrgyzstan for project development), funding strategic acquisitions, and general corporate purposes. A new 100% subsidiary, Novadhathu Minerals Private Limited, was incorporated in October 2025 but has not started operations. Consolidated results reflect significant losses from foreign subsidiaries, especially Avelum Partner LLC (approx. Rs. 2.44 crore net loss) and the Dubai Group (approx. Rs. 16.6 lakh net loss).
The Rs. 314.70 crore capital infusion via the Rights Issue strengthens the balance sheet and funds expansion into Kyrgyzstan, but persistent losses at the standalone level and foreign subsidiaries indicate continued cash burn that shareholders should track closely.