The Board has decided to raise fund via Preferential Issue.
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The Board approved issuing up to 21,23,800 equity shares at Rs. 64 per share (face value Rs. 10, premium Rs. 54), aggregating up to Rs. 13.59 crore via preferential issue on a private placement basis to up to 35 allottees. Notably, most of the shares (totaling roughly Rs. 6.79 crore) are being allotted against existing credit balances — meaning the company is converting debts/creditors into equity rather than receiving fresh cash. Only about Rs. 6.8 crore is coming in as fresh cash, primarily from promoter family members (Sandeep Gandhi's sons Shovan and Shaiv Gandhi, each subscribing Rs. 3.36 crore, and one external investor Rahul Shah). An Extra Ordinary General Meeting is scheduled for 11th March 2026 to seek shareholder approval.
Existing shareholders will face dilution of around 21.23 lakh new shares. The issue is largely a debt-to-equity swap (cleaning up the balance sheet) with limited fresh capital infusion. The promoter's family putting in fresh cash is mildly positive, but the overall capital raise is small and the non-cash nature limits its growth-funding value.