44th Annual Report of the Company
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IGC Industries Ltd has submitted the notice of its 44th Annual General Meeting scheduled for Tuesday, 30th September 2025 at 3:00 PM via video conferencing, along with the Annual Report for FY 2024-25. Key business to be transacted includes adoption of audited FY25 financial statements, re-appointment of Ms. Supriya Dilip Gaikwad as director, and appointment of Mr. Omprakash Pyarelal Sonar as Independent Director for 5 years. Major corporate actions are also on the agenda: a proposal to acquire 40,40,443 equity shares (100%) of CNX Corporation Limited (CCL) at Rs. 50 per share for a total consideration of Rs. 20.20 crore, to be settled through a share swap by issuing 1,61,61,772 fresh equity shares of IGC at Rs. 12.50 each, making CCL an associate company. The company also seeks shareholder approval to raise authorised share capital from Rs. 35 crore to Rs. 65 crore, appoint a new Managing Director (Mr. Ziauddin Mohammad) for 5 years, increase borrowing and investment limits to Rs. 150 crore each, and appoint a new Secretarial Auditor for a 5-year term. E-voting window is from 27th to 29th September 2025.
This is a significant reshaping event for the small-cap stock. The CCL acquisition via share swap will result in dilution of about 1.61 crore new shares and introduce a new associate business, while the Rs. 150 crore borrowing and investment limits signal ambitions for substantial future expansion. Shareholders should review the swap ratio (Rs. 12.50 vs Rs. 50 for CCL shares) and the related-party implications carefully before voting.