The Board of Directors of the Company at their meeting held on Tuesday, September 02, 2025, vide Video-Conferencing or other Audio-visual means ('OAVM') have inter-alia considered and approved ....
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Vuenow Infratech's board approved acquiring 51% of Mahakal Devcon Limited via an all-stock share swap, issuing up to 60 lakh new equity shares (face value Rs. 10) at Rs. 256.25 per share on a preferential basis to four Mahakal Devcon shareholders, valued at about Rs. 153.74 crores. Mahakal Devcon, which does trading, infrastructure development, and consulting, reported turnover of Rs. 84.23 crores in FY25 (up from Rs. 52.69 crores in FY24). The board also approved increasing authorised share capital from Rs. 25 crore to Rs. 75 crore, appointed Mr. Chahan Vinod Vora and Ms. Deepti Sharma as additional non-executive independent directors, and modified the 31st AGM notice. The board noted BSE fines for non-submission of shareholding pattern on time and for not constituting required board committees, and will seek a waiver.
The acquisition brings a growing infrastructure business (Rs. 84+ crore revenue) into Vuenow, but existing shareholders will see meaningful dilution of around 20.5% post-issue as new shares go to the four incoming investors. The BSE penalties for compliance lapses are a minor negative on governance, though the board has acknowledged them and pledged to file a waiver.