Simplex Infrastructures Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting
SIMPLEXINF · price
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Simplex Infrastructures has issued a corrigendum to the EGM notice originally dated March 28, 2025, following observations from NSE and BSE on its proposed preferential issue. The EGM is scheduled for April 22, 2025 at 12:30 PM via video conferencing. The company plans to raise a total of Rs. 423.66 Crores through a preferential issue of equity shares and convertible warrants at Rs. 289 per share. It will receive Rs. 262.83 Crores upfront (Rs. 209.22 Cr from equity + Rs. 53.61 Cr from 25% warrant money), with the balance from warrant conversions. Of the upfront amount, 75% (Rs. 197.13 Cr) will be used for working capital and 25% (Rs. 65.70 Cr) for general corporate purposes, fully utilised by end of FY 2026-27. The corrigendum clarifies that the company is financially stressed and needs equity infusion since banking facilities are unavailable. There will be no change in management control; allottees include NARCL, Indorama India, Quant Mutual Fund, Capri Global Holdings, and others — all classified as Non-Promoters.
This corrigendum does not change the substance of the preferential issue but adds clarity on pricing, fund use, and allottees' status, which may ease shareholder approval at the April 22 EGM. Successful fundraising at Rs. 289/share could be a lifeline for the company given its admitted financial stress, but it also signals dilution for existing shareholders.