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Awaiting price reaction for this filing.
Telge Projects Ltd (BSE: 544544), a Pune-based company that recently went public (IPO prospectus filed September 30, 2025), has issued a Postal Ballot Notice dated February 19, 2026, seeking shareholder approval for three special resolutions via remote e-voting between February 20 and March 21, 2026. The first two resolutions relate to the creation of a new Employee Stock Option Plan called 'TPL-ESOP 2026', with a pool of up to 1,00,000 stock options (about 1.02% of outstanding shares), covering employees and directors (excluding promoters, promoter group, and independent directors), and its extension to subsidiaries and associate companies in India or abroad. The third resolution seeks approval for a deviation in the use of IPO proceeds, specifically reallocating Rs. 500 Lakhs from the originally earmarked Rs. 895 Lakhs for purchase of additional office premises in Pune toward 'acquisitions and other strategic initiatives'. Of the total IPO proceeds of Rs. 2,724.12 Lakhs, only Rs. 429.90 Lakhs has been utilized so far, leaving Rs. 2,016.39 Lakhs unutilized.
For shareholders: The ESOP plan is small (~1.02% dilution) and aimed at employee retention, but the IPO proceeds deviation — shifting money from a stated office purchase to vague 'acquisitions and strategic initiatives' within six months of listing — is a mild governance red flag that investors should watch closely, especially as over 74% of IPO funds remain unutilized.