The meeting commenced at 03:00 p.m. and concluded at 04:05 p.m. at the Corporate Office of the Company situated at Office No. 703 & 704 Ocean Building, 7th Floor, Vikram Sarabhai Campus, Genda Circle Wadiwadi, Vadodara, Gujarat, India, 390023.
Key Approvals:
1. Rights Issue: The Board approved the issuance of fully paid equity shares with a face value of ₹10.00 each to raise funds aggregating up to ₹330.00 Crores (Rupees Three Hundred Thirty Crores Only). The issue will be made to eligible equity shareholders on the record date, which is to be determined by the Board in due course.
2. Formation of Committee: The Board approved the formation of a Committee of Directors ("Rights Issue Committee"). This committee is authorized to decide on all matters relating to the Rights Issue, including the determination and/or alteration of the treatment of fractional entitlements, making applications to regulatory authorities, and finalizing the terms, conditions, structure, and timing of the issue.
Terms of the Rights Issue (As per Annexure I):
- Equity shares offered: The maximum number of shares to be issued* (to be determined by the Rights Issue Committee or Board).
- Face value per share: ₹10.00 each.
- Issue price per share: To be determined by the Rights Issue Committee or Board.
- Rights entitlement ratio: To be determined (e.g., [•] Rights Equity Share(s) for every [•] fully paid-up Equity Share(s) held).
- Outstanding equity shares pre-issue: 7,14,26,681 Equity Shares of ₹10.00 each.
- Outstanding equity shares post-issue: To be informed after determining the number and issue price of equity shares, assuming full subscription.
- Terms of Payment: The full amount of the issue price is payable on application by eligible equity shareholders.