Orchasp Limited has informed the Exchange regarding Board meeting held on August 30, 2025.
ORCHASP · price
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The Board of Directors of Orchasp Limited met on August 30, 2025, and approved several key items. The company allotted 2,68,75,000 equity shares (face value Rs.2) at Rs.3.20 per share to Mrs. P. Rajeswari, legal heir of the late ex-Chairman Mr. P.C. Pantulu, by converting his outstanding loan into equity on a preferential basis. Additional equity shares will be allotted to M/s Global Focus Fund towards accrued interest on 1% FCCBs, pending member approval. A new loan agreement with M/s Wahtulmsylh Limgawlat was approved, replacing the prior arrangement with M/s Waha Al Mesela for Contracting. Mr. Krishna Shankar Kanamarlapudi was appointed as a Non-Executive & Non-Independent Director for five years, and Ms. T. Durga Pallavi was appointed as the secretarial auditor. The 31st Annual General Meeting was scheduled for September 30, 2025, via video conferencing.
The loan-to-equity conversion reduces the company's debt burden and is mildly dilutive for existing shareholders due to the preferential share issuance at a premium to face value. Shareholders should note the related-party nature of the allotment to the ex-Chairman's legal heir and the pending AGM approval required for the FCCB-related share issuance.