Dear Sir, Please find the attachment. Regards, For MRC Agrotech Limited Compliance Officer / Authorised Signatory
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MRC Agrotech has issued a corrigendum to the Notice of its Extraordinary General Meeting (EGM) held on June 28, 2025, changing the intended use of proceeds from its cash preferential share issue. Originally, the company had stated the issue proceeds would be used for repaying borrowings, but the board has now revised the plan. Under the revised allocation, ₹313.30 lakhs will go toward incremental working capital needs (by March 2026), ₹100 lakhs toward future funding including R&D facilities, bio-formulation product launches, nutraceutical and soil-health product expansion (by June 2026), and ₹15.29 lakhs toward general corporate purposes — taking the total to ₹428.59 lakhs, with nothing earmarked for debt repayment. The size, pricing (₹19.50 per share, ₹4.28 crore total), number of shares (21,97,910) and list of proposed allottees for the cash issue remain unchanged. The corrigendum also reaffirms a separate non-cash preferential allotment of up to 86,42,097 shares (aggregating up to ₹16.85 crore) to the shareholders of MARSAPI Lifesciences Pvt Ltd as consideration for acquiring 100% of that target company, along with an increase in authorised share capital from ₹20.5 crore to ₹35.5 crore.
The revised plan redirects roughly ₹4.28 crore away from debt repayment toward working capital, R&D and new product launches, signalling a growth and expansion focus rather than balance sheet cleanup. Existing shareholders should note that once both the cash and swap preferential allotments are completed (potentially up to ~1.08 crore new shares), there will be meaningful dilution, and the stated purpose of funds has shifted from what was originally communicated.