EGM notice: approval sought to raise up to Rs. 1000 crore by issuing securities

EGM on Saturday, October 31, 2026 at 11:00 a.m. (IST), through video conferencing.

Wed 7 Oct 2026

Fund Raise Limit

aggregate amount up to Rs. 1000 crore

EGM Date

Saturday, October 31, 2026 at 11:00 a.m. (IST), through video conferencing

E-voting Cut-off Date

Saturday, October 24, 2026

What shareholders are being asked to approve

Shareholders are voting on a special resolution at an Extra-ordinary General Meeting (EGM). The company seeks approval to raise funds in one or more tranches, by issuance of securities by way of private offerings, qualified institutions placement(s) and/or any combination thereof or any other method as may be permitted under applicable law, for an aggregate amount up to Rs. 1000 crore.

What the resolution allows

• The Board is authorised to create, offer, issue and allot equity shares, global depositary receipts, American Depositary Receipts, foreign currency convertible bonds, convertible securities (including compulsorily or optionally convertible preference shares or debentures, warrants), non-convertible debentures along with warrants, or any other equity-linked securities
• The aggregate limit stated in the resolution is Rs. 1,000 crore (Rupess One Thousand crore only), inclusive of any premium
• Equity shares allotted shall rank pari passu with the existing equity shares of the company, including voting rights and rights in respect of dividend
• Equity shares of face value of Rs. 5 each are listed on the National Stock Exchange of India Limited and BSE Limited
• The Board is authorised to decide the class of investors, the number of securities, issue price, use of proceeds and the number of tranches or issuances, within the approved limits

Terms set out for a QIP

• The price shall not be less than the price determined in accordance with the pricing formula under the SEBI ICDR Regulations (QIP Floor Price), with a discount permitted of not more than 5% on that floor price
• No single allottee shall be allotted more than 50% of the issue size
• A minimum of 10 (Ten) percent of the equity shares issued and allotted shall be allotted to mutual fund(s); if mutual funds do not subscribe to that minimum percentage or any part thereof, such portion or part may be allotted to other QIBs
• The company shall not undertake any subsequent QIP until the expiry of two weeks from the date of the QIP
• No allotment shall be made, directly or indirectly, to any QIBs who are promoters or persons related to promoters
• The equity shares shall not be sold for a period of one year from the date of allotment, except on a recognised stock exchange or as permitted under the SEBI ICDR Regulations
• The allotment shall be completed within 365 days from the date of passing the special resolution
• No partly paid-up equity shares shall be issued or allotted through QIPs
• A monitoring agency registered with SEBI will monitor the use of proceeds and submit its report on a quarterly basis till 100% of the proceeds from the QIP have been utilised

The meeting and voting

• EGM on Saturday, October 31, 2026 at 11:00 a.m. (IST) through video conferencing or other audio-visual means
• The record date / cut-off date for determining entitlement to vote is Saturday, October 24, 2026
• Remote e-voting begins on Wednesday, October 28, 2026 at 9:00 A.M. and ends on Friday, October 30, 2026 at 5:00 P.M.; the remote e-voting module is disabled for voting thereafter
• M/s BNP and Associates has been appointed as the Scrutiniser
• The facility allows participation of at least 1000 (One Thousand) members on a first-come-first-served basis; large shareholders (members holding 2% or more shareholding), promoters, institutional investors, directors, key managerial personnel and the Chairpersons of certain committees can attend without restriction on account of first-come-first-served basis

In simple terms

If the resolution is passed, the Board would have the authority to raise up to the stated limit by issuing securities, which can include fresh equity shares and convertible instruments. Within that overall limit, the actual amount raised, the instrument used, the price and the timing would be decided by the Board.

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