NOTICE OF POSTAL BALLOT
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
MFS Intercorp Ltd has issued a postal ballot notice seeking shareholder approval through e-voting between 30 January 2026 and 1 March 2026, with the cut-off date set as 23 January 2026. The first resolution proposes increasing the authorised share capital from ₹5 crore (50 lakh equity shares of ₹10 each) to ₹15.10 crore (1.51 crore equity shares of ₹10 each), with a corresponding amendment to the Memorandum of Association. The second resolution seeks fresh shareholder approval for issuing up to 1,01,50,000 convertible warrants at ₹11 each to 8 non-promoter allottees, aggregating to ₹11.17 crore. This is a re-approval because the original shareholder approval from 28 October 2024 expired after 12 months, as BSE's in-principle approval process took longer than expected. The issue price, relevant date (27 September 2024), and allottees remain unchanged from the original proposal. The funds are intended for supply chain expansion (₹500 lakh), a new welding workshop in Ahmedabad (₹200 lakh), technology upgradation (₹100 lakh), working capital (₹200 lakh), and general corporate purposes (₹116.50 lakh).
If approved, the preferential warrants could lead to dilution of existing shareholders by up to 1.01 crore equity shares (roughly 200%+ of current equity base of ~50 lakh shares). The authorised capital hike signals the company's intent to raise more funds in the future. Since this is essentially a re-validation of an earlier approved issue with the same terms and allottees, the immediate stock impact should be limited unless shareholders raise objections to the non-promoter allottees or pricing.