Preferential Issue of Warrants

The Board approved the issuance of up to 27,48,00,000 (Twenty-Seven Crore Forty-Eight Lakh) warrants at an issue price of ₹11.50 per warrant, aggregating to ₹316,02,00,000 (₹316.02 crore). Each warrant is fully convertible into one equity share of face value ₹2 each at a price of ₹11.50 per share (including premium of ₹9.50 per share) within 18 months from the date of allotment. The amount paid against each warrant will be adjusted against the issue price for the resultant equity share.

Key Terms:

  • 25% of the warrant issue price (₹2.875 per warrant) payable at subscription
  • Balance 75% payable upon exercise of warrants
  • Warrants lapse if not exercised within 18 months, with paid amount forfeited
  • Pricing based on valuation reports as per SEBI ICDR Regulations
  • Relevant date for pricing: August 28, 2026

Allottees: The warrants will be issued to two public category (non-promoter) entities:

1. V9BIZ BUSINESS SOLUTIONS LLP - 13,74,00,000 warrants

2. AREEN ENERGY SOLUTIONS LLP - 13,74,00,000 warrants

Shareholding Impact:

  • Pre-issue share capital: 91,41,75,000 shares
  • Promoter & Promoter Group: 12,39,77,362 shares (13.56%)
  • Public: 79,01,97,638 shares (86.44%)
  • Post-issue (fully diluted): 1,18,89,75,000 shares
  • Promoter & Promoter Group: 12,39,77,362 shares (10.43%)
  • Public: 1,06,49,97,638 shares (89.57%)

The issue is subject to shareholder approval, regulatory approvals, and compliance with SEBI ICDR Regulations, Companies Act, 2013, and other applicable laws.

Statutory Auditor Reappointment

The Board approved the reappointment of M/s. P H H A D & CO LLP (formerly D G K T & CO LLP), Chartered Accountants (ICAI Firm Registration No. 151804W/W100761), as statutory auditors for five consecutive financial years from 2026-27 to 2030-31, subject to shareholder approval at the forthcoming Annual General Meeting.

Auditor Profile:

  • Professionally managed firm established November 1, 2019
  • Converted to LLP on August 5, 2021
  • Not related to any directors or key managerial personnel of the company
  • Holds no shares in the company

Annual General Meeting

The Board approved convening the Annual General Meeting on Tuesday, September 29, 2026, through video conferencing or other audio-visual means. The draft notice of AGM was approved and authorized for distribution to shareholders.