Corrigendum to the notice of the 45th Annual General Meeting of the member to be held on 30th September,2025
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Longspur International Ventures Limited has issued a corrigendum to its 45th AGM notice ahead of the meeting scheduled for September 30, 2025. The corrigendum revises the list of 22 proposed allottees for the preferential issue of 1,50,00,000 equity shares (1.5 crore) at Rs. 10 per share, aggregating Rs. 15 crore. The changes were made to address observations raised by BSE on the original notice. Post-issue, the total share count will increase from 1,36,50,000 to 2,86,50,000 shares, more than doubling the equity base. Promoters (Manoj Jain and Kamlesh S Chechani-related entities) will subscribe to about 21.4 lakh shares of the issue. The proceeds are intended to fund expansion into solar, green, and renewable energy businesses.
Existing shareholders will face significant equity dilution as the share count more than doubles at par value (Rs. 10). The move signals a capital raise and a strategic pivot into the renewable energy sector, which could be positive if execution delivers but carries execution risk given the company's small size and shift away from its traditional finance/trading business.