Silgo Retail Limited has informed the Exchange regarding Corrigendum to Notice of Annual General Meeting to be held on August 20, 2025
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Silgo Retail Limited has issued a corrigendum to its AGM notice dated July 22, 2025, ahead of the 10th AGM scheduled for August 20, 2025 at 1:30 PM via video conferencing. The corrigendum revises the explanatory statement for Item Nos. 7 and 8, which relate to a preferential issue of equity shares and convertible warrants totalling around ₹113.87 crore. Key changes include: (a) Object of the issue — ₹78.43 crore for solar and renewable energy business, ₹15.44 crore for working capital in the gems and jewellery business, and ₹20 crore for general corporate purposes; (b) issue price fixed at ₹56.22 per share/warrant as per the registered valuer's report; (c) addition of two new allottees (Preeti Mahapatra and Sonal Kala) along with promoter Nitin Jain who will get 1,30,00,000 convertible warrants; (d) promoter Nitin Jain's post-issue holding will rise to 56.97% from 50.69%. The corrigendum also clarifies that a SEBI-registered monitoring agency will be appointed since the issue size exceeds ₹2 crore, and that funds will be deployed within 12–18 months. Other AGM business items include increasing authorised share capital from ₹25 crore to ₹45 crore, altering the main object clause to add solar/renewable energy, amending Articles of Association, and appointing a new secretarial auditor.
Shareholders should note a sizeable preferential allotment that will lead to equity dilution and a notable shift of capital into the solar and renewable energy sector, which is a new business vertical for the company. Promoter holding increases meaningfully to nearly 57%, indicating strong insider commitment but also reducing free float. The revised AGM notice gives shareholders clearer visibility on how the ₹113.87 crore will be deployed, with a Monitoring Agency to oversee fund usage.