Notice of Extra-Ordinary General Meeting
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Mac Hotels Ltd has called an Extraordinary General Meeting on March 21, 2026, where shareholders will vote on five key resolutions. The company plans to double its authorised share capital from Rs. 9 crore to Rs. 18 crore and raise up to ~Rs. 21.60 crore by issuing 48 lakh equity shares at Rs. 45 each (including a Rs. 35 premium) to promoters, promoter group entities, and select non-promoter investors on a preferential basis. It also proposes issuing 73.68 lakh convertible warrants at Rs. 45 each, potentially raising another Rs. 33.16 crore if fully exercised within 18 months — taking the total fundraising potential to around Rs. 54.76 crore. Hotel Miramar Comfort Pvt Ltd (a promoter group entity) is the largest single allottee in both tranches. The company also seeks shareholder approval to amend its main object clause to diversify into diamonds, chemicals, and pharmaceuticals — a major shift from its hotel business. A separate resolution seeks approval for material related party transactions with Hotel Miramar Comfort Pvt Ltd.
Existing shareholders will face significant dilution if all warrants are converted and shares allotted, with the total preferential issue expanding the share base substantially. The proposed change in the main object clause signals a potential business pivot from hospitality into chemicals/diamonds, which is a material strategic shift investors should weigh carefully.