2nd Corrigendum to the Notice of EGM.
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Awaiting price reaction for this filing.
IDream Film Infrastructure has issued a 2nd corrigendum to its EGM notice for the meeting scheduled on January 19, 2026, correcting typographical errors and adding details about a major preferential share issue. Under Item 4, the company proposes to allot 40 lakh equity shares to Northvale Capital Partners Private Limited via cash. Under Item 5, it plans to issue 26.64 crore equity shares through a share swap to 17 allottees who are shareholders of E-TUNNEL INC. Post-issue, Northvale Capital Partners will become the new promoter with a 15.30% stake, along with six persons acting in concert (PACs) who will form the new promoter group. All these entities will together hold about 72.4% of the expanded capital, triggering a mandatory open offer to existing shareholders under SEBI takeover rules. The deal effectively results in a change of control of the company in favor of the Northvale/Norfolk/HCMI group linked to Baljit Singh. Existing shareholders will face heavy dilution and should expect an open offer announcement shortly after the EGM.
This is a significant event — change of control is happening, existing shareholders will be heavily diluted (preferential issue of ~27 crore new shares), and a mandatory open offer will be triggered under SEBI regulations. Shareholders should watch for the detailed public statement from the acquirers and evaluate whether to tender shares in the open offer.