Nature and Purpose of the Meeting
The meeting of the Fund-Raising Committee (FRC) was held to approve the qualified institutions placement (QIP) of equity shares to eligible qualified institutional buyers. The meeting was conducted pursuant to approvals from the board of directors (March 13, 2026) and shareholders via special resolution at an extra-ordinary general meeting (April 15, 2026).
Details of Resolutions Passed
The FRC passed the following resolutions:
- Authorized the opening of the QIP issue on May 26, 2026
- Approved the floor price of ₹1,114.05 per equity share (face value ₹10 each)
- Approved and adopted the preliminary placement document dated May 26, 2026 and the application form for the Issue
Financial Impact
The total capital raised amount is not specified in the document. The floor price was calculated based on Regulation 176(1) of SEBI ICDR Regulations. The company may offer a discount of not more than 5% on the floor price to qualified institutional buyers.
Timing of the Meeting
The FRC meeting commenced at 10:40 p.m. and concluded at 10:55 p.m. on May 26, 2026.
Compliance References
The issue is being conducted under:
- Chapter VI of SEBI ICDR Regulations, 2018
- Sections 42 and 62(1)(c) of the Companies Act, 2013
- Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Specific regulations cited: Regulation 171(b)(i) and Regulation 176(1) of SEBI ICDR Regulations
Other Material Disclosures
- The trading window for designated persons was closed from May 26, 2026 until 48 hours after determination of the issue price
- The preliminary placement document was filed with the exchanges on May 26, 2026
- The 'Relevant Date' for floor price determination was fixed as May 26, 2026
Information Not Covered
The document does not specify:
- The total number of shares to be issued
- The total amount of funds to be raised
- The specific use of proceeds from the fund raising
- The list of eligible qualified institutional buyers