Submission of corrigendum/errata to the notice of EOGM Notice dated 04/04/2025 submitted on 07/04/2025 and outcome of board meeting
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IGC Industries' board approved a corrigendum to its upcoming EOGM (May 2, 2025) after three shareholders of CNX Corporation Limited reduced their share-swap offer from 100% to 50% of their holdings. The company will now acquire 40,40,443 equity shares (23.77%) of CNX Corporation at Rs. 48 per share, for a total purchase consideration of about Rs. 19.39 crore. To fund this via share swap, the preferential issue size has been cut from 2,61,61,772 to 1,61,61,772 equity shares at Rs. 12 each (Rs. 10 face value + Rs. 2 premium). The shares will be issued to 40 non-promoter allottees who are CNX shareholders, with the largest allottee Rajesh Fojaji Karwasara set to hold 9.83% post-issue. Post-allotment, CNX Corporation will become an associate of IGC Industries, and the company's total share count will rise from 3.47 crore to about 5.09 crore shares, diluting existing holders significantly.
Existing shareholders face around 46.5% dilution in their stake as the share count jumps from 3.47 crore to 5.09 crore. The deal is non-cash (share swap) and slightly smaller than originally proposed, but the share-swap arrangement with no cash inflow means value depends entirely on how CNX Corporation performs going forward.