Preferential Issue of Equity Shares (Share Swap - Consideration other than Cash).
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GTV Engineering's board approved a preferential issue of up to 39,42,047 equity shares at Rs. 59.65 each (face value Rs. 2, premium Rs. 57.65) to M/s GTV Infrastructures Private Limited on a share-swap basis. This will fund the acquisition of 1,12,56,250 shares (35.31%) of Chirchind Hydro Power Pvt Ltd (CHPPL) for about Rs. 23.52 crore, taking GTV's total holding in CHPPL to 51% and making it a subsidiary. CHPPL operates in small hydro power generation and heavy steel fabrication with a turnover of Rs. 32.60 crore in FY25. The transaction is a related-party deal and is subject to shareholder approval at the EGM scheduled for April 16, 2026 (record date April 9, 2026). The board also approved loans/investments of up to Rs. 100 crore under Section 186.
The acquisition diversifies GTV Engineering into the hydro power sector but is a related-party transaction, which existing shareholders should review carefully. The share swap will dilute equity by roughly 8-9% while bringing a revenue-generating subsidiary onto the books, which could support earnings once integrated.