Intimation regarding Increase in Authorized Share Capital.
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GTV Engineering's board approved raising the authorized share capital from Rs. 12 crore to Rs. 16 crore, a 33% increase, subject to shareholder approval via postal ballot. The board also discussed a proposal to raise funds through a Rights Issue to existing shareholders, which will be launched only after the capital hike is approved. Separately, the company will discontinue its wheat flour (atta, maida, suji, besan, dalia) manufacturing to focus entirely on its core Heavy Engineering business. CDSL has been appointed to handle e-voting and a company secretary firm will scrutinize the postal ballot process.
The capital expansion is a necessary step before the Rights Issue, which will dilute existing shareholders but could bring in fresh growth capital. The exit from the flour business sharpens the company's identity as a pure heavy-engineering play, which may be viewed positively by investors wanting focused exposure to the engineering segment.