Vascon Engineers Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on May 18, 2026
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Vascon Engineers Limited has called an EGM on May 18, 2026, seeking shareholder approval for three key proposals. First, the company plans to issue up to 2 crore fully convertible warrants at ₹40 per warrant to raise ₹80 crore — split equally between promoter Siddharth Vasudevan Moorthy (1 crore warrants) and non-promoter Pratik Saraogi (1 crore warrants). Each warrant converts into 1 equity share of ₹10 face value within 18 months, with 25% payable upfront. Second, the company is seeking approval to borrow up to ₹1,500 crore beyond paid-up capital and free reserves. Third, approval is being sought to create charges or mortgages on company properties up to ₹1,500 crore to secure these borrowings. The e-voting period runs from May 13-17, 2026, with May 11, 2026 as the cut-off date for eligible voters.
The ₹80 crore warrant issuance will dilute existing shareholders upon conversion, though promoter participation signals confidence. The expanded borrowing limit of ₹1,500 crore provides significant financial flexibility for growth or debt refinancing, but increases leverage. Shareholders should carefully evaluate the dilution impact and intended use of funds before voting.