BRIEF PROCEEDINGS OF 31ST ANNUAL GENERAL MEETING('AGM') OF VUENOW INFRATECH LIMITED HELD ON MONDAY, 29TH SEPTEMBER, 2025
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Vuenow Infratech Limited held its 31st Annual General Meeting on September 29, 2025 via video conferencing from 3:43 PM to 3:58 PM, with 38 members attending electronically out of 16,340 shareholders on record. Chairman and Managing Director Rahul Anandrao Bhargav, who also serves as CFO, briefed members on business expansion and adoption of new technologies. Key resolutions included adoption of FY25 financial statements, re-appointment of Mr. Bhargav (retiring by rotation), increase in borrowing limits, increase in Authorized Share Capital, and regularization of two new independent directors. A notable resolution was the preferential issuance of up to 59,99,736 equity shares to shareholders of Mahakal Devcon Limited through a share swap deal. The meeting also approved alterations to the Object Clause of the Memorandum of Association. Voting results will be disclosed separately within two working days.
The proposed equity swap with Mahakal Devcon Limited (nearly 60 lakh new shares) could lead to significant dilution for existing shareholders. Higher borrowing limits and increased share authorization suggest the company is preparing for expansion or acquisitions, which could be positive if growth materializes but also raises leverage concerns.