ENCLOSED HEREWITH BOARD MEETING OUTCOME DATED 09/04/2025 HELD AT 3 PM
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The board approved issuing 70 lakh equity shares at Rs. 12 per share (face value Rs. 10) on a preferential basis to 23 allottees, raising about Rs. 8.4 crore. Five allottees acting in concert will together hold 43% post-allotment, and combined with share purchase agreements from existing shareholders, they will control 70.55% of the enhanced capital, triggering an Open Offer under SEBI Takeover Regulations. The company also confirmed that Solarfusion Renewables Private Limited is now a 100% subsidiary. Authorized capital will be increased from Rs. 3 crore to Rs. 10 crore to accommodate the new shares. Two Independent Directors (Himani Bhootra and Bharatkumar Suchak) resigned, while 4 Additional Directors will be regularized as Independent Directors and Vishvajitsinh Jadeja will be redesignated as Managing Director.
This is a major change-of-control event — the incoming promoter group will hold over 70% of the company, likely leading to a mandatory Open Offer for public shareholders and a possible change in business direction via the renewable energy subsidiary. Existing public shareholders will be diluted significantly and should watch for the Open Offer price announcement from Corpwis Advisors.