RKEC Projects Limited has informed the Exchange about Shareholders meeting
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RKEC Projects has called an Extraordinary General Meeting (EGM) on June 25, 2025 at 11:30 AM via video conferencing, with five special resolutions on the agenda. The key items include: (1) re-appointment of Lt. Gen. P R Kumar as Independent Director for a second 5-year term (July 29, 2025 to July 28, 2030); (2) a major alteration to the Object Clause of the Memorandum of Association to add eight new business areas spanning logistics & warehousing, fish farming & aquaculture, agriculture & livestock, ice plants & cold storage, water treatment & desalination, food processing, import-export trading, and healthcare; (3) amendment of Articles of Association; (4) approval of a loan agreement between the company and the promoter; and (5) issuance of 18,30,000 equity shares to promoter Mr. Garapati Radhakrishna at Rs. 82 per share (Rs. 72 premium over face value of Rs. 10) aggregating Rs. 15.006 crore, by converting an existing unsecured loan into equity on a preferential basis. E-voting will be open from June 22-24, 2025 with the cut-off date set as June 20, 2025.
The loan-to-equity conversion will increase the promoter's holding, resulting in mild dilution for existing public shareholders, though it also signals the promoter's long-term commitment to the company. The sweeping expansion of the Object Clause into unrelated sectors like aquaculture, food processing, healthcare, and water treatment suggests a significant diversification pivot beyond the company's current construction and marine infrastructure business, which could reshape its business profile going forward.