MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding Board meeting held on July 28, 2025.
MITCON · price
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MITCON's board approved the conversion of 39,79,917 partly paid-up equity shares into fully paid-up shares of ₹10 each after receiving the first and final call money of ₹57 per share (₹7.50 face value + ₹49.50 premium), collecting around ₹22.69 crore in total. Separately, 2,61,404 partly paid-up shares were forfeited because the holders failed to pay the call money by the due date, with a separate forfeiture notice to be sent to those shareholders. The company's paid-up share capital increased from ₹13.44 crore to ₹17.42 crore as a result. Additionally, the board approved setting up two wholly owned subsidiaries — MITCON Water Limited and MITCON Soil Health Limited — each with a nominal initial investment of ₹1 lakh, to enter water treatment/wastewater management and soil health management businesses respectively within 60 days.
Shareholders see an increase in paid-up share capital and a modest equity dilution, but the impact is small given the nominal size of the new subsidiaries. Forfeited shares reduce the equity base slightly; existing shareholders may view the new subsidiaries as a diversification move into sustainability-related businesses with minimal immediate financial commitment.