Proceedings of Extra Ordinary General Meeting held on February 20,2026.
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SER Industries Limited (now proposed to be renamed 'Desi Farms India Limited') held an EGM on February 20, 2026 via video conferencing from 9:00 AM to 9:17 AM, where 13 business items were put to shareholders. Key proposals included changing the company name to Desi Farms India Limited, shifting the registered office from Karnataka to Maharashtra, and increasing authorized share capital from Rs. 6 crore to Rs. 46 crore. Shareholders were also asked to approve a major acquisition: the issuance of 3,21,20,990 equity shares, 37,61,600 3% convertible preference shares, and 50,66,356 5% convertible debentures — all via share swap — to acquire SNA Milk and Milk Products Limited and DFSU Farmer Connect Private Limited. Other items included re-designating Sunil Kumar Shahi as Managing Director & Chairman for 5 years, regularizing an additional Independent Director, raising borrowing powers to Rs. 200 crore, and increasing Section 186 limits for loans/investments to Rs. 800 crore. Voting results are pending and will be intimated to the stock exchanges within the prescribed timeline.
This is a transformative EGM — the proposed name change, registered office shift to Maharashtra, and the share-swap acquisition of SNA Milk and DFSU Farmer Connect signal a strategic pivot into the dairy and farm-connect business. The share capital expansion (nearly 8x) and large issuance of equity/preference shares/debentures via swap will meaningfully dilute existing shareholders, while the Rs. 200 crore borrowing cap and Rs. 800 crore Section 186 limit give the board significant firepower for future growth or acquisitions.