Corrigendum to the Notice of the Extra-ordinary General meeting of the Company to be held on March 14 2026.
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Midwest Gold has issued a 2nd corrigendum to the notice of its Extra-Ordinary General Meeting (EOGM) scheduled for March 14, 2026. The change relates to the proposed preferential issue of equity shares and modifies only the allotment to a small subset of proposed allottees: three allottees (Naveen Kumar Jain for 19,000 shares, Kantamani Hemalatha for 2,000 shares, and Boddu Bala Bhaskar for 2,500 shares) have been removed, while Nikhil Sunkara's allocation has been increased from 5,000 to 28,500 shares. The total number of shares in this particular tranche remains unchanged at 28,500, and all other terms of the preferential issue are unaffected. The EOGM's main business remains approval of a preferential issue of up to 10 lakh equity shares at Rs. 2,000 each (face value Rs. 10, premium Rs. 1,990), aggregating up to Rs. 200 crore, with proceeds intended for repaying director loans (Rs. 80 cr), setting up a Rare Earth Magnet manufacturing facility (Rs. 110 cr for land and machinery), and general corporate purposes (Rs. 10 cr).
For existing shareholders, this corrigendum is largely administrative — it does not change the overall size of the preferential issue or the dilution, and the total fundraise of up to Rs. 200 crore remains intact. However, the dilution from this preferential issue is significant: if fully subscribed, promoter holding would fall from about 59.19% to around 57.79%, while public shareholding would rise from about 40.81% to 42.21%, which existing minority shareholders should factor in when voting at the EOGM.