Board re-appoints MD, WTD, IDs; okays Rs 200 Cr fundraise and WEXL EDU share-swap deal
GATECHDVR · price
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Board re-appointed MD Jonna Venkata Tirupati Rao, WTD Srinivas Maya, and Independent Director Chandra Sekhar Dasaka for 5-year terms. Statutory auditor Gorantla and Co also re-appointed. Authorised capital to rise from Rs 300 Cr to Rs 1000 Cr. Plans to raise Rs 200 Cr via QIP or FCCBs. Acquiring 23.64 percent of WEXL EDU via share swap by issuing 1.28 billion shares at Rs 1 to WEXL holders.
Equity dilution risk from 1.28 billion new shares via share swap and Rs 200 Cr fundraise plan. Acquires WEXL EDU stake but expands share base.