Outcome of Board Meeting under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ('Listing Regulations').
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GHV Infra Projects (formerly Sindu Valley Technologies) reported its first full year of operations post business takeover, with FY25 revenue of Rs 18,488.48 lakhs and net profit of Rs 1,714.59 lakhs (EPS Rs 35.47), compared to no revenue and a Rs 43.47 lakh loss in FY24. The statutory auditors Manubhai & Shah LLP issued an unmodified opinion on the results. The Board approved issuance of up to 38,50,000 convertible warrants (25 lakh to promoter JHV Commercials LLP, 13.5 lakh to non-promoters) and up to 16,000 optionally convertible debentures (OCDs) of Rs 1 lakh each aggregating Rs 160 crores at 18% coupon, to non-promoters. Total assets surged to Rs 22,143.09 lakhs from Rs 0.60 lakhs, but trade receivables stood at Rs 13,355.78 lakhs and operating cash flow was negative at Rs 5,562.66 lakhs. An EGM is scheduled for June 28, 2025. M/s Punit Patel & Associates were re-appointed as internal auditors and Company Secretary Amol Dhakorkar resigned effective June 16, 2025.
Strong top-line and bottom-line growth marks a successful business transformation, but heavy working capital deployment (large receivables, negative operating cash flow) and the proposed Rs 160 crore OCD issuance signal significant capital raising activity that could lead to equity dilution. Shareholders should watch for conversion of warrants and OCDs which will expand the equity base.