Notice of Extraordinary General Meeting of the Company scheduled to be held on April 26, 2025
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Hypersoft Technologies has called an Extraordinary General Meeting on April 26, 2025 (10:30 AM, via VC/OAVM) to seek shareholder approval on three resolutions. First, the company proposes to raise its authorized share capital from Rs. 6 crore (60 lakh shares of Rs. 10) to Rs. 18 crore (1.8 crore shares of Rs. 10) to make room for a fresh issuance. Second, the Articles of Association will be amended to align with the new capital structure. Third, and most importantly, Hypersoft will issue 1,20,00,000 equity shares (at Rs. 10 each) on a preferential basis as consideration for acquiring 4,80,00,000 shares of Singapore-based NX Global Pte. Ltd. from its shareholders — Narra Purna Babu (83,95,000 shares), Valueforge Innovations (24,00,000), Vertexiq (10,00,000), Voyager Partners (2,00,000), Piyush Bhandari (2,500) and Nikesh Ballapu (2,500). After the swap, NX Global, along with its step-down subsidiaries Mindgate Solutions Pte. Ltd. and Mindgate Solutions LLC, will become wholly owned subsidiaries of Hypersoft. E-voting runs from April 23 to April 25, 2025.
For existing shareholders, this represents significant equity dilution since 1.2 crore new shares will be issued — though priced at face value of Rs. 10, raising the post-issue share count meaningfully. If approved, the acquisition broadens Hypersoft's footprint into IT and business consulting with access to the USA and Asia-Pacific markets, but carries integration risk and will shift control dynamics since acquirer Narra Purna Babu will emerge as a major shareholder.