Key Financial Disclosures
Type of Issue:
Type: Rights Issue
Amount to be Raised: ₹49,00,00,000 (Rupees Forty-Nine Crore only)
Purpose of Proceeds: The net proceeds are intended for investment in Ampivo Smart Technologies Private Limited. Specifically, ₹14 crore will be used to subscribe to equity shares of Ampivo to support the development and expansion of its Agri Kisan Setu platform.
Terms and Structure of the Issue:
Face Value: ₹1 per equity share
Issue Price: To be determined
Entitlement Ratio: To be determined
Total Number of Securities: The total number of equity shares to be issued shall be determined based on the issue price to be decided in accordance with applicable laws.
Board/Committee Decisions:
Decisions made by the Board:
- Approved raising funds up to ₹49 crore via a rights issue.
- Approved the constitution of a "Rights Issue Committee" to oversee the issue. The committee comprises Mr. N. Vidhya Sagar Reddy (Managing Director) as Chairperson, Mr. Vilasita Dandamudi (Non-Executive Non-Independent Director) as Member, and Mr. Krishna Kishore Madicharla (Non-Executive Independent Director) as Member.
- This committee is authorized to determine and finalize the terms and conditions, structure, and timing of the Rights Issue, including the issue price, rights entitlement ratio, record date, and issue period.
- Delegated authority to the Rights Issue Committee to consider and approve the Draft Letter of Offer.
Strategic Impact: The fundraising is intended to strengthen the company's presence in the AgriTech sector and provide exposure to technology-led business opportunities in AgriTech and Carbon Credits.
Other Noteworthy Updates:
Investment in Ampivo Smart Technologies Private Limited:
- The board approved an investment of ₹1,400.00 lakh (₹14 crore) in Ampivo Smart Technologies Private Limited by way of subscription to its equity shares.
- This investment will be made from the net proceeds of the proposed Rights Issue.
- The investment is subject to finalization of valuation and subscription terms, execution of definitive agreements, and receipt of requisite approvals.
- Utilization of Funds by Ampivo:
- ₹1,200.00 lakh for customer acquisition and marketing initiatives.
- ₹200.00 lakh for technology manpower costs, including salaries.
- The investment aims to support farmer onboarding, expand platform reach, strengthen digital engagement, and develop in-house technology capabilities including artificial intelligence, data intelligence, and platform engineering.
- Post-investment, the company's shareholding in Ampivo is expected to increase from the current 4.67% (7,122 equity shares) to 12.70% of its post-issue paid-up equity share capital.
Execution of Share Purchase and Subscription Agreement:
- The board approved the execution of a Share Purchase and Subscription Agreement with Ampivo Smart Technologies Private Limited.
- Key Terms: The company is entitled to receive 70% of the revenues generated from customers onboarded or facilitated by it, subject to the terms of the agreement.
- Issue Details for Ampivo Shares: Ampivo shall issue 14,016 equity shares of face value ₹10/- each at an issue price of ₹9,988.63 per equity share, aggregating to a total issue consideration of ₹14,00,00,638/-.
- The transaction is not a related party transaction and is done at arm's length.
Withdrawal of Application for Preferential Issue:
- The board approved the withdrawal of a previous application (Application Reference No. 57363) for in-principal approval for a preferential allotment of 11,13,02,372 equity shares.
- The withdrawal was due to non-compliance with Regulation 159(1) of the SEBI ICDR Regulations, 2018.
- The company has requested the stock exchanges (BSE and NSE) to adjust the processing fees already paid against the fees for a fresh application for the same preferential issue, to be submitted after necessary rectifications.
- The board authorized officials to submit a certified true copy of the resolution to the stock exchanges and follow up on the fee adjustment.
Meeting Details:
- The board meeting commenced at 4:00 P.M. (IST) and concluded at 5:30 P.M. (IST) on October 23, 2026.