EGM Details

  • Date and Time: Monday, 24th August, 2026 at 04:00 P.M. (IST)
  • Mode: Video Conferencing (VC) / Other Audio Visual Means (OAVM)
  • Cut-off date for e-voting: Monday, 17th August, 2026
  • E-voting period: Friday, 21st August, 2026 at 9:00 A.M. IST to Sunday, 23rd August, 2026 at 5:00 P.M.
  • Event ID: 1214

Business to be Transacted

Item No. 1: Issuance of Equity Shares upon Conversion of Optionally Convertible Redeemable Preference Shares (OCRPS)

The EGM will consider and approve a special resolution for the conversion of 2,80,00,000 Optionally Convertible Redeemable Preference Shares (OCRPS) of face value ₹10 each into equity shares.

Key Details of Conversion:

  • Total Equity Shares to be issued: 84,31,195 equity shares of face value ₹2 each
  • Conversion Price: ₹33.21 per equity share
  • Consideration: No cash consideration involved (conversion of existing OCRPS)
  • Allottees: Six non-promoter entities (banks)
  • Basis: Mandated by NCLT-approved Resolution Plan dated 16.07.2024

Allottee-wise Breakdown:

| Allottee | Number of Equity Shares |

| Bank of Baroda | 48,11,683 |

| Central Bank of India | 4,34,146 |

| Canara Bank | 2,82,114 |

| Union Bank of India | 4,27,642 |

| IDBI Bank | 23,28,455 |

| Oldenburgische Landesbank AG | 1,47,155 |

| Total | 84,31,195 |

Pricing Methodology:

  • Conversion price of ₹33.21 determined in accordance with Chapter V of SEBI (ICDR) Regulations
  • Relevant date fixed as Friday, July 24, 2026 (30 days prior to EGM date)
  • Price represents the higher of:
  • 90-day VWAP: ₹29.98 (NSE)
  • 10-day VWAP: ₹33.21 (NSE)
  • Certificate obtained from M/s. DEEDWANIA A & Co., Practicing Company Secretary confirming compliance

Terms and Conditions:

  • Equity shares will be issued in dematerialized form only
  • Shares subject to lock-in as prescribed under SEBI ICDR Regulations
  • Allotment to be completed within 15 days from passing of resolution
  • Shares will rank pari-passu with existing equity shares
  • No change in control or management of the Company

Shareholding Impact:

  • Pre-issue capital: 69,47,49,897 equity shares
  • Post-issue capital: 70,31,81,092 equity shares
  • Promoter holding dilution: From 68.06% to 67.24%
  • Institutional investors' stake increase: From 0.16% to 1.36%

Regulatory Background:

  • OCRPS were allotted on 11th December, 2024 in compliance with NCLT-approved Resolution Plan dated 16.07.2024
  • The 700-day tenure for redemption from NCLT order date expired on June 17, 2026
  • Conversion right exercisable by preference shareholders if not redeemed by company

Certifications and Undertakings:

  • Company confirms eligibility for preferential issue under SEBI ICDR Regulations
  • No promoters/directors are willful defaulters or fugitive economic offenders
  • Certificate from practicing company secretary obtained for regulatory compliance
  • No previous warrant subscriptions by promoters/promoter group that failed exercise

Voting Arrangements:

  • Remote e-voting facility available through NSDL and CDSL platforms
  • Physical meeting not permitted due to MCA and SEBI circulars on virtual meetings
  • Members can join meeting 15 minutes before scheduled time via VC/OAVM