The outcome of meeting of Board of Directors has been attached herewith.
Awaiting price reaction for this filing.
The Board of Alka India Limited approved 15 items in a single meeting. Key decisions include: changing the company name to 'AUDROC Limited', shifting the registered office from Thane (Maharashtra) to Ahmedabad (Gujarat), and replacing the main business objects with agriculture, food processing, FMCG, and contract farming activities. Two large preferential share issues were cleared — 45 lakh shares at Rs. 15 (Rs. 6.75 crore) to promoter Jatinbhai Patel via loan conversion, and a much larger 23.21 crore shares at Rs. 15 (Rs. 348.20 crore) via share swap to promoter group and several allottees. The company will divest 100% of its material subsidiary Vintage FZE (India) Private Limited for a token consideration of Rs. 90,000, despite the subsidiary having a reported net worth of Rs. 827 lakh. Company Secretary Jinal Dishank Shah resigned (personal reasons) and was replaced by Himani Jhamar. Borrowing and investment/loan limits are being raised to Rs. 5,000 crore each. AGM is scheduled for March 23, 2026 to seek shareholder approval.
Existing shareholders face heavy dilution — the preferential and swap issues together could add over 23.66 crore new shares to a base of roughly 50 lakh shares, dramatically reducing existing shareholding percentages. Divesting a material subsidiary for just Rs. 90,000 while simultaneously raising hundreds of crores through equity dilution raises governance red flags and warrants close scrutiny at the upcoming AGM.