MITCON Consultancy & Engineering Services Limited has informed the Exchange regarding Outcome of Board Meeting held on July 28, 2025.
MITCON · price
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MITCON's board approved converting 39,79,917 partly paid-up equity shares into fully paid-up shares after collecting the first and final call money of ₹57 per share (₹7.50 face value + ₹49.50 premium), receiving a total of about ₹22.69 crore. Separately, 2,61,404 partly paid-up shares were forfeited because shareholders failed to pay the call money by the due date. As a result, the company's paid-up share capital went up from ₹13.44 crore to ₹17.42 crore (including ESOP shares). The board also approved setting up two new wholly owned subsidiaries—MITCON Water Limited (focused on water treatment and wastewater management) and MITCON Soil Health Limited (focused on soil testing, fertility assessment, and soil health management)—with a nominal initial investment of ₹1 lakh each, to be incorporated within 60 days.
The share conversion and call money collection strengthen the company's capital base, while the forfeiture reflects some shareholders defaulting on payment, which is mildly negative for those holders. The new subsidiaries signal diversification into water and soil management businesses aligned with sustainability, which could be viewed positively by investors looking for growth avenues, though their initial investment is nominal.