Please find attached herewith EGM Notice to be held on May 23,2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Kachchh Minerals Limited has called an Extra-Ordinary General Meeting on May 23, 2025, via video conferencing to seek shareholder approval for several major corporate actions. The company proposes to increase its authorised share capital ninefold, from ₹10 crore (1 crore equity shares) to ₹90 crore (9 crore equity shares). It also seeks to dramatically diversify its business objects to include agricultural products, beverages, the cinematograph/film industry, real estate and construction, and general trading — a major pivot from its current minerals business. Additionally, the company plans to acquire 100% of Rajhans Procon Private Limited (RPPL) by issuing up to 7.38 crore new equity shares at ₹28 per share (₹10 face value + ₹18 premium) as share-swap consideration, worth about ₹206.75 crore. This will make RPPL a wholly-owned subsidiary and result in massive share dilution. The board is also seeking authority to make investments, give loans, or provide guarantees up to ₹300 crore.
Shareholders face significant dilution — the preferential issue of 7.38 crore shares is roughly 7x the current authorised capital, which will drastically reduce existing shareholders' proportional ownership. The proposed business diversification into agriculture, beverages, films, and real estate represents a complete strategic shift away from the company's minerals focus, raising questions about management's new direction. The stock may see volatility around the EGM as investors weigh the impact of dilution and the rationale for the RPPL acquisition. Existing shareholders should carefully review the share-swap pricing and the credentials of the incoming allottees before voting.