Key Resolutions

1. Alteration of Articles of Association

  • Purpose: To amend Articles 3, 7, and 11 to explicitly permit issuance of warrants and other securities convertible into equity shares
  • Amendment Details:
  • Insert definition of "Securities" in Article 3 to include equity shares, preference shares, debentures, warrants, and other convertible instruments
  • Replace Article 7 to specify kinds of share capital and securities the company may issue
  • Amend Article 11(1) to align with Sections 23, 42, and 62 of Companies Act, 2013 for further issue of shares and securities
  • Regulatory Compliance: Amendments subject to SEBI ICDR Regulations, SEBI Listing Regulations, and other applicable rules

2. Preferential Issue of Warrants

  • Instrument: 19,37,808 warrants convertible into equity shares
  • Allottee: Zollner Elektronik AG (Non-promoter category)
  • Issue Price: ₹2,193.20 per warrant
  • Total Issue Size: ₹425,00,00,505.60 (₹425 crore)
  • Payment Terms:
  • 25% (₹548.30 per warrant) payable at allotment
  • 75% (₹1,644.90 per warrant) payable upon conversion
  • Conversion Period: 18 months from date of allotment
  • Relevant Date: October 22, 2026 for floor price calculation

Financial Details

  • Floor Price Calculation:
  • 90-day VWAP: ₹2,086.63 per share
  • 10-day VWAP: ₹2,193.18 per share
  • Final issue price: ₹2,193.20 (higher of the two)
  • Utilization of Proceeds:
  • ₹280 crore for debt repayment/prepayment
  • ₹40 crore for capital expenditure
  • ₹105 crore for general corporate purposes
  • Timeline for Utilization: On or before March 31, 2029

Shareholding Impact

  • Pre-issue Promoter Holding: 38.35%
  • Post-issue Promoter Holding (assuming full conversion): 37.08%
  • Zollner Elektronik AG Holding: 2.82% post-conversion
  • Total Shares Outstanding: 6,91,63,990 shares post-conversion

EGM Details

  • Date: November 21, 2026 at 11:00 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means
  • Cut-off Date: November 14, 2026 for voting eligibility
  • E-voting Period: November 18, 2026 (9:00 AM) to November 20, 2026 (5:00 PM)
  • Scrutinizer: Alagar & Associates LLP

Key Conditions

  • Warrants must be allotted within 15 days of shareholder approval
  • Equity shares must be allotted within 15 days of conversion notice
  • Non-exercise of warrants within 18 months results in forfeiture of amounts paid
  • Price subject to adjustment as per SEBI ICDR Regulation 166

Corporate Authority

Kunhamed Bicha (Chairman & MD), Suresh Veerappan (CFO), and Ajay Shukla (Company Secretary) authorized to implement resolutions and complete necessary filings.