Board approved fund raising through preferential issue and other items. For more details refer attached letter Board meeting commenced at 5:00 P.M. (IST) and concluded at 6:10 P.M.(IST)
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Maiden Forgings' board, which met on October 24, 2025, approved raising up to Rs. 29 crore through a preferential issue. This includes 25 lakh equity shares at Rs. 100 each (Rs. 90 premium over face value of Rs. 10) to Qadosh Ventures Private Limited (non-promoter, public category), totalling Rs. 25 crore. Additionally, 4 lakh fully convertible warrants at Rs. 100 each will be issued to Nishant Garg, the Managing Director (promoter group), totalling Rs. 4 crore, with 25% upfront and the balance on conversion within 18 months. The funds will be used for business expansion, capacity enhancement, modernization, and working capital needs. The company also altered its Articles of Association and formed a Fund-Raising Committee to oversee the process. Shareholders' approval will be sought at an EGM on November 18, 2025.
Existing shareholders will see dilution, with promoter holding reducing from 71.97% to 62.11% and public shareholding rising from 28.03% to 37.89% post-issue. The capital infusion signals growth ambitions but may put short-term pressure on the stock due to dilution and the equity being issued at a premium above the floor price.