The Board in its meeting held on 02.09.2025 has taken on record the fine/penalty levied by BSE.
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On the reaction day the stock moved 0.4 pts less than Nifty Microcap 250 and 0.6 pts more than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Vuenow Infratech's board approved acquiring 51% of Mahakal Devcon Limited through an all-stock equity swap at Rs. 256.24 per share, with Mahakal posting turnover of Rs. 84.23 crore in FY25. To fund the acquisition, the company will issue up to 59,99,735 equity shares on a preferential basis to 4 investors at Rs. 256.25 per share, raising roughly Rs. 153.7 crore in consideration value. Authorized share capital will be raised from Rs. 25 crore to Rs. 75 crore to accommodate the new shares. Two new independent directors — Mr. Chahan Vinod Vora and Ms. Deepti Sharma — were appointed, and the objects clause of the MOA was widened to include infrastructure, real estate, and investment activities. The board also noted BSE-imposed fines for late submission of shareholding pattern (Reg 31) and non-constitution of required committees (Reg 18, 19, 20), and plans to file a waiver application.
Shareholders should expect significant dilution from the preferential issue and a strategic shift toward infrastructure and construction. Existing investors will own a smaller percentage post-issue, but the deal brings in revenue-generating operations. The BSE fines are minor but flag prior governance and compliance lapses that investors should monitor.