Appointment of Mr. Dipen Vijaykumar Shah as Company Secretary & Compliance officer of the Company w.e.f April 24, 2025
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Kachchh Minerals' board approved a major acquisition of 100% stake in real estate firm Rajhans Procon Private Limited (RPPL) for Rs. 206.74 crore, to be paid entirely through a share swap by issuing 7.38 crore equity shares at Rs. 28 each (Rs. 10 face value + Rs. 18 premium) to RPPL's 47 shareholders. RPPL had a turnover of Rs. 27.50 crore (provisional) as of March 31, 2025. The board also approved increasing authorized share capital from Rs. 10 crore to Rs. 90 crore and widened the company's objects clause to include agriculture, beverages, cinema, construction, and general trading. Mr. Dipen Vijaykumar Shah was appointed as Company Secretary & Compliance Officer, while Independent Director Mr. Jagdish Sajan Kandoria resigned due to other engagements. An EGM is scheduled for May 23, 2025 to seek shareholder approval.
The share-swap acquisition will result in significant dilution as 7.38 crore new shares will be issued, expanding the equity base substantially. Existing shareholders should watch for the EGM outcome, as the deal effectively transforms the company into a real estate-focused entity. The change in objects clause signals a potential pivot away from the original minerals business.