Postal Ballot Process Details
- Voting Period: Remote e-voting commenced on Friday, 15th May 2026 at 9:00 AM IST and ended on Saturday, 13th June 2026 at 5:00 PM IST
- Cut-off Date: Friday, 8th May 2026 for determining voting rights
- Scrutinizer: Mr. Vikas Sirohiya, Partner of M/s. P S Rao & Associates, Company Secretaries, Hyderabad (Membership No. 15116, C.P. No. 5246)
- Voting Platform: KFin Technologies Limited provided e-voting facility
- Total Shareholders: 11,026 shareholders on record date
Voting Results
Special Resolution: Approval for issuance of Compulsorily Convertible Debentures (CCDs)
- Votes in Favor: 90,12,505 votes (99.9977% of valid votes)
- Votes Against: 205 votes (0.0023% of valid votes)
- Invalid Votes: Nil
- Number of Voting Members: 61 members voted in favor, 5 members voted against
- Resolution Status: Passed with requisite majority
CCD Issuance Details
Financial Parameters
- Total Issue Size: ₹103,00,00,000 (One Hundred and Three Crores only)
- Number of CCDs: 14,40,559 Compulsorily Convertible Debentures
- Price per CCD: ₹715 each
- Conversion Terms: 1:1 conversion into equity shares within 18 months from allotment date
- Conversion Price: ₹715 per equity share (Face Value ₹5 + Premium ₹710)
- Coupon Rate: 6% per annum payable monthly
- Tenure: Not exceeding 18 months
Allottee Details
The CCDs will be allotted to five Neo Credit funds:
- Neo Credit Opportunities Fund I: 43,272 CCDs
- Neo Special Credit Opportunities Fund: 4,19,582 CCDs
- Neo Special Credit Opportunities Fund II: 7,93,650 CCDs
- Neo Special Credit Opportunities Fund II A: 1,14,125 CCDs
- Neo Prime Fund: 69,930 CCDs
Objects of the Issue
The entire funds of ₹102,99,99,685 will be utilized for repayment of secured term loans availed from State Bank of India, IFB, Somajiguda, Hyderabad:
- Term Loan Sanctioned: ₹344.00 Crores
- Term Loan Availed: ₹330.91 Crores
- Outstanding Amount as on 14th May 2026: ₹330.91 Crores
- Interest Rate: 8.5% per annum payable monthly
- Interest Paid (March 2023 to April 2026): ₹60.40 Crores
- Repayment Commencement: End of June 2026
Shareholding Impact
Pre-Issue Capital Structure
- Promoters and Promoter Group: 78,78,908 shares (56.25%)
- Public: 61,28,592 shares (43.75%)
- Total: 1,40,07,500 shares (100%)
Post-Conversion Capital Structure
- Promoters and Promoter Group: 78,78,908 shares (51.00%)
- Public: 75,69,151 shares (49.00%)
- Total: 1,54,48,059 shares (100%)
- Allottee Holding: 14,40,559 shares (9.33% of post-issue capital)
Control Impact: No change in control of the Company
Timeline and Implementation
- Allotment to be completed within 15 days from shareholders' approval
- Funds utilization expected on or before 31st July 2026
- Equity shares upon conversion will be listed on stock exchanges where existing shares are listed
- Company undertakes to recompute price if required under SEBI ICDR Regulations