Corrigendum I to the Notice of Extraordinary General Meeting to be held on 22nd October, 2025.
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Fredun Pharmaceuticals has issued a corrigendum to the notice for its Extraordinary General Meeting (EGM) scheduled for October 22, 2025. The corrigendum adds detail to three preferential issue proposals being put to shareholders. Item 1 is the issue of 2,00,000 convertible warrants to the promoter and promoter group at Rs. 1,250 per warrant (face value Rs. 10, premium Rs. 1,240), totalling up to Rs. 25 crore, with MD Fredun Nariman Medhora getting 1,60,000 warrants and Daulat Nariman Medhora getting 40,000. Item 2 is the issue of 6,52,360 equity shares to 44 non-promoter allottees at Rs. 1,250 per share, totalling about Rs. 81.55 crore. Item 3 is the issue of 3,73,600 convertible warrants to 32 non-promoter allottees at the same price, totalling about Rs. 46.70 crore. Together, if fully subscribed and converted, the proposed issuances could raise around Rs. 153 crore. The relevant date for pricing is September 22, 2025, and e-voting runs from October 19 to October 21, 2025.
If shareholders approve these resolutions at the October 22, 2025 EGM, the company will raise fresh capital and issue new shares and warrants that will dilute existing shareholders' holdings. The promoter group's own participation of Rs. 25 crore signals insider confidence, but retail investors should weigh the dilution from over 10 lakh new shares and warrants against the intended use of funds.