Board withdraws preferential issue and terminates business transfer deal
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Board has withdrawn proposed preferential issue of up to 12,55,000 equity shares that were to be issued to members of M/s Jayant Infraprojects as non-cash consideration for acquiring its business. The April 2026 Business Transfer Agreement has also been terminated. The issue had shareholder approval at the May 27, 2026 EGM and was awaiting BSE in-principle approval. Management says the withdrawal is for restructuring the deal and will not affect finances, operations, or growth.
Planned acquisition is called off; company states no financial impact and intends to restructure the issue.