Postal ballot notice to seek approval for raising up to Rs 1,200 cr via QIP
UTLSOLAR · price
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Fujiyama Power Systems (UTL Solar) has issued a postal ballot notice seeking shareholder approval to raise up to Rs 1,200 crore through a Qualified Institutions Placement (QIP) in one or more tranches. The board may issue equity, convertibles, or other eligible securities, and is allowed a discount of up to 5 percent on the floor price. Proceeds may also be used to meet minimum public shareholding requirements. Remote e-voting runs from October 23 to November 21, 2026, with cut-off date of October 15, 2026.
If approved, the company can raise a large amount of fresh capital, likely diluting existing shareholders but strengthening the balance sheet.