Ujaas Energy Limited has informed the Exchange regarding the Amendment to AOA/MOA of the company.
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Awaiting price reaction for this filing.
Ujaas Energy's board approved raising the authorized share capital from ₹45 crore to ₹52 crore (45 crore to 52 crore shares of ₹1 each), which requires an amendment to the MOA/AOA. The board also cleared a preferential issue of 12.75 crore equity shares to non-promoter investors at ₹11 per share (including a ₹10 premium), raising about ₹140.33 crore. Additionally, up to 24 crore equity shares will be issued to SVA Family Welfare Trust, the Resolution Applicant, at ₹1 each, as conversion of the RA loan under the approved resolution plan, to help meet Minimum Public Shareholding (MPS) norms. The preferential issue is subject to shareholder approval at an EOGM and other regulatory clearances. The allotment to non-promoters is expected within 15 days of receiving shareholder and stock exchange approvals.
Shareholders will see significant dilution if both issuances go through — combined, up to ~36.75 crore new shares could be issued, materially expanding the share base. The ₹140 crore preferential infusion provides fresh capital, but the large supply of new shares and the low ₹1 conversion price to the Resolution Applicant Trust are likely to weigh on the stock price in the near term.