Corrigendum to Notice of EOGM Notice dated 04.04.2025
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IGC Industries has issued a corrigendum to its EOGM notice (originally dated April 4, 2025) for the EGM scheduled on May 2, 2025. The revision follows three shareholders of target company CNX Corporation Limited (CCL) withdrawing their earlier consent to sell 100% of their CCL stake; they will now sell only 50% via a share swap. Consequently, IGC will acquire 40,40,443 equity shares of CCL (23.77% stake) at Rs. 48 per share, for a total purchase consideration of Rs. 19.39 crore, making CCL an associate (not subsidiary). To fund this via share swap, the preferential issue has been downsized from 2,61,61,772 to 1,61,61,772 equity shares at Rs. 12 per share (face value Rs. 10 + Rs. 2 premium), all allotted to 40 non-promoter allottees (shareholders of CCL). Post-issue equity will rise from 3,47,20,000 to 5,08,81,722 shares, with no change in promoter control.
Shareholders should note that the deal is now a smaller associate-level investment rather than a full takeover of CCL, reducing both the equity dilution (~46.5% expansion vs earlier larger plan) and the strategic footprint. No change in control is expected, but existing shareholders will see meaningful dilution in their stake since all new shares go to non-promoters. The EGM on May 2 will now seek consent on the revised, smaller terms.