Notice of the Extraordinary General meeting of the Company to be held on Saturday, March 14, 2026 at 11:00 A.M through VC/OAVM
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Midwest Gold Limited has called an Extraordinary General Meeting on Saturday, March 14, 2026 at 11:00 AM (via video conferencing) to seek shareholder approval for issuing up to 10,00,000 (10 lakh) equity shares on a preferential basis at Rs. 2,000 per share (face value Rs. 10, premium Rs. 1,990), aggregating Rs. 200 Crores. Allottees include promoters, promoter group members, and non-promoter public category individuals/entities (a total of 56 named proposed allottees). The company plans to use the proceeds mainly to repay unsecured loans from directors (Rs. 80 Cr), set up a Rare Earth Magnet manufacturing facility including land/building (Rs. 60 Cr) and plant & machinery (Rs. 50 Cr), and for general corporate purposes (Rs. 10 Cr). The relevant date for pricing is February 12, 2026, with e-voting running from March 10 to March 13, 2026 (cut-off date March 7, 2026). There is no change in control/management of the company, though promoter holding will slightly decrease from 49.89% to 48.94% post-issue.
If approved, existing shareholders will face dilution as the promoter stake drops marginally and public shareholding pattern changes. The Rs. 200 Cr raise at a steep premium suggests strong valuation but also warrants close attention to the end-use, particularly the Rs. 80 Cr repayment of director loans and the company's new venture into Rare Earth Magnet manufacturing.