Key Quantitative Figures
- Borrowing Limit Increase: ₹100,000 crore (Rupees One Lakh crore) in excess of paid-up capital, free reserves and share premium
- Capital Raising Proposal: Up to ₹15,000 crore (Rupees Fifteen Thousand Crore) through various securities
- Cut-off Date for Voting: August 07, 2026
- Remote e-Voting Period: August 10, 2026 (9:00 AM) to August 13, 2026 (5:00 PM)
Dates of Action
- EGM Date: Friday, August 14, 2026 at 11:00 AM
- Cut-off Date: Friday, August 07, 2026
- Remote e-Voting Period: Monday, August 10, 2026 at 9:00 AM to Thursday, August 13, 2026 at 5:00 PM
- Board Meeting Date: July 22, 2026 (where resolutions were approved)
Parties Involved
- Regulatory Authorities: Ministry of Corporate Affairs, Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI)
- Stock Exchanges: BSE Limited, National Stock Exchange of India Limited
- E-Voting Agency: Central Depository Services (India) Limited (CDSL)
- Scrutinizer: CS Chirag Shah, Practising Company Secretary
- Registrar & Transfer Agent: KFin Technologies Limited
Resolution Details
Resolution 1: Borrowing Limits Increase
- Seeks to increase borrowing limits under Section 180(1)(c) of Companies Act, 2013
- New limit: ₹100,000 crore in excess of paid-up capital, free reserves and share premium
- Supersedes earlier resolution on borrowing limits
- Allows raising loans through various instruments including debt securities, private placement, public issue
- Board authorized to delegate powers to committees/directors/officers
Resolution 2: Creation of Mortgage/Charge
- Approval for creation of charge/mortgage/pledge/hypothecation/security on company properties
- Covers movable and immovable properties, tangible and intangible assets, present and future
- To secure borrowings within overall approved limits
- Security to be created in favour of banks, NBFCs, financial institutions, lenders
Resolution 3: Loan Conversion into Equity
- Approval under Section 62(3) for conversion of loans into equity shares
- Lenders can convert outstanding loans into fully paid-up equity shares
- Conversion price to be determined as per applicable SEBI Regulations
- Conversion may occur upon event of default or as per financing documents
- Equity shares to rank pari passu with existing shares
Resolution 4: Capital Raising
- Approval to raise up to ₹15,000 crore through various securities
- Securities include: equity shares, warrants, convertible debentures, preference shares, GDRs, ADRs, FCCBs
- Multiple issuance routes: QIP, FPO, rights issue, preferential allotment, private placement, offshore offerings
- Equity shares to have face value of ₹2 each
- In case of QIP: allotment only to QIBs, minimum 10% to mutual funds, price determined as per ICDR Regulations
- Relevant date for pricing varies based on security type
Voting Arrangements
- EGM to be conducted through Video Conferencing/Other Audio-Visual Means
- Remote e-voting facility provided through CDSL
- Scrutinizer appointed: CS Chirag Shah
- Results to be declared within 48 hours of EGM conclusion and posted on company website
Purpose and Rationale
As stated in the explanatory statement, the fund raising is for:
- Business expansion and growth opportunities
- Organic and inorganic growth options
- Repayment/prepayment of loans
- Funding capital expenditure requirements
- Investments in subsidiaries
- General corporate purposes
The company states it is on a "consistent growth trajectory" and requires sufficient resources to capitalize on opportunities and improve market share.
Financial Impact
Not quantified in the disclosure beyond the proposed limits of ₹100,000 crore for borrowing and ₹15,000 crore for capital raising.
Capital Structure Impact
- Potential dilution from issuance of new equity shares (up to ₹15,000 crore)
- Possible equity conversion from outstanding loans (amount not specified)
- New securities may be convertible into equity shares