Indiqube Spaces Limited has informed the Exchange regarding Notice of Postal Ballot
INDIQUBE · price
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Indiqube Spaces Limited, a flex space/workspace solutions provider listed on BSE and NSE, is seeking shareholder approval via postal ballot for three resolutions. The first resolution proposes reallocating INR 1,870 million from the original IPO proceeds meant for establishing new centers to fund security deposits for new centers (INR 520M), fit-out and interior work in non-Indiqube properties (INR 550M), renewable power infrastructure (INR 160M), and strategic commercial real estate opportunities (INR 640M). The remaining unutilized amount of INR 1,637.82 million will stay under the original object for new centers. The second and third resolutions seek approval to revise the remuneration of CEO Rishi Das and COO Meghna Agarwal, both receiving a base compensation of INR 26.4 million per annum (effective December 18, 2025) with up to 15% performance bonus and annual increments capped at 20%. The IPO proceeds utilization change requires more than 90% shareholder approval as a special threshold.
The IPO fund reallocation suggests the company is diversifying its use of IPO capital beyond just opening new centers, potentially indicating a strategic shift toward property partnerships and infrastructure. The executive pay hikes for two top leaders reflect confidence in leadership but may attract shareholder scrutiny, especially if profits are inadequate.