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Awaiting price reaction for this filing.
Modulex Construction Technologies has sent a Postal Ballot Notice to shareholders seeking approval via e-voting (from 18 Nov 2025 to 17 Dec 2025) for two special resolutions. The first is the appointment of Mrs. Sudha Prajapati (Chartered Accountant with 20+ years experience) as Non-Executive Independent Director for 5 years (30 Sept 2025 to 29 Sept 2030). The second is the issuance of up to 19,22,512 equity shares of Rs. 10 each at Rs. 25 per share (Rs. 15 premium), aggregating up to Rs. 4.81 crore, on a preferential basis to promoter and non-promoter allottees purely through a share swap. The new shares will be issued in exchange for shares of Give Vinduet Windows and Doors Private Limited (GVWDPL), allowing MCTL to acquire the remaining 16.22% stake in GVWDPL and increase its holding from 83.75% to 99.97%. One promoter entity (Redribbon Modulex Buildings) and 20 non-promoter individuals/entities will receive the new shares. The issue price of Rs. 25 is based on a registered valuer's report and is not less than the SEBI ICDR floor price.
For shareholders, this means modest dilution (around 19.2 lakh new shares issued via swap) but no cash outflow from the company. If approved, Modulex will fully consolidate its windows and doors subsidiary (GVWDPL), which simplifies the group structure and could benefit future earnings. The stock price may see limited immediate impact as the swap price of Rs. 25 is at a premium to face value; shareholders should vote before 17 Dec 2025.