In reference to our earlier intimation dated on June 03, 2025, regarding the EGM of Qualitek Labs Limited scheduled for June 25, 2025, we wish to inform you that a Corrigendum to the Explanatory ....
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Qualitek Labs has issued a corrigendum to the EGM notice (originally dated May 29, 2025) ahead of its Extraordinary General Meeting on June 25, 2025. The revisions relate to Resolution 1, which seeks shareholder approval for a preferential share allotment to fund a share swap with the remaining shareholders of Interstellar Testing Centre Private Limited (ITCPL). Under the swap, Qualitek Labs will issue 16,72,531 new equity shares (11,70,881 to promoter TIC Services Pvt Ltd and 5,01,650 to non-promoter Sanjiv Khullar) in exchange for 2,54,959 ITCPL shares valued at ₹310.89 per share. Post-swap, Qualitek Labs' stake in ITCPL will rise from 49.99% to 100%, making it a wholly-owned subsidiary. TIC Services' holding in Qualitek Labs will increase from 54.19% to 56.46%, while there is no change in control. The corrigendum also adds disclosures on ultimate beneficial owners (Alok Kumar Agarwal and Antaryami Nayak, each holding over 25% in TIC Services) and confirms a registered valuer's report supports the pricing.
Existing shareholders will face dilution of roughly 4-5% as new shares are issued to fund the acquisition, but no cash outflow is required since it is a share swap. The acquisition consolidates 100% control of ITCPL, which could streamline operations and future earnings, though it also increases promoter concentration.