we wish to inform you that the Board of Directors of the Company in its meeting held today i.e. April 15, 2025, has, inter-alia, considered and approved the following:(i) The request received from Ms. Neelu Analjit Singh, belonging to the 'Promoter and Promoter Group' holding 20,000 equity shares, to reclassify her status from 'Promoter and Promoter Group' to 'Public' category.(ii) Raising of funds through the issuance of equity shares of face value ₹10 each by way of rights issue for an amount not exceeding Rs 125 Crore.
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Max India's Board, at its meeting on April 15, 2025, approved two key items. First, Ms. Neelu Analjit Singh, who holds 20,000 equity shares as part of the Promoter and Promoter Group, has been reclassified to the Public category at her request. Second, the company plans to raise funds through a rights issue of equity shares with a face value of Rs 10 each, for an amount not exceeding Rs 125 Crore. The exact issue price, ratio, and record date for the rights issue were not disclosed in this announcement. The promoter reclassification involves a relatively small stake of 20,000 shares compared to the overall promoter holding.
Shareholders should watch for further details on the rights issue terms (issue price, ratio, and record date), which could lead to share dilution. The promoter reclassification is minor in scale but signals a shift in the promoter group's composition. Existing investors may need to evaluate their participation in the rights issue once terms are announced.