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Awaiting price reaction for this filing.
Maiden Forgings has issued a corrigendum to its November 18, 2025 EGM notice, withdrawing Item No. 3 — the proposed allotment of 4,00,000 convertible warrants to Managing Director Nishant Garg — because the allottee was ineligible under Regulation 159 of the SEBI ICDR Regulations. Item No. 2, a preferential allotment of 25,00,000 equity shares at Rs. 100 per share (Rs. 10 face value + Rs. 90 premium) to Qadosh Ventures Private Limited (Non-Promoter, Public Category), remains on the agenda and will raise up to Rs. 25 Crore in cash. The Rs. 25 Crore will be deployed toward working capital (Rs. 13 Cr), capital expenditure on new machinery (Rs. 11 Cr), general corporate purposes (Rs. 0.95 Cr), and issue expenses (Rs. 0.05 Cr), with utilization targeted by March–September 2027. The Rs. 100 issue price is above the SEBI-determined floor price of Rs. 79.53 (90-day VWAP), and an independent registered valuer (Mr. Manish Manwani) has valued the instrument at Rs. 95.46. Post-issue, promoter holding will dilute from 71.97% to 61.20%, while Qadosh Ventures (beneficial owner: Mayur Subhash Ambiye) will hold 14.96%.
The withdrawal of the promoter warrant issue removes a potential equity dilution event tied to insider participation, while the retained Rs. 25 Crore preferential issue to a non-promoter entity will dilute existing shareholders by about 10 percentage points and bring in fresh capital for growth and machinery expansion. The stock may see limited direct reaction, but shareholders should note the shift in promoter holding and the use of proceeds.