EGM on Oct 21, 2026 to seek nod for Rs. 6,000 crore borrowing limit, charge creation and Rs. 6,000 crore fund raise

EGM on Wednesday, October 21, 2026 at 4.00 PM IST via video conferencing.

Tue 29 Sep 2026

EGM Date and Time

Wednesday, October 21, 2026 at 4.00 PM IST via video conferencing

Proposed Borrowing Limit

Rs. 6,000 crores under Section 180(1)(c)

Proposed Fund Raising Limit

Rs. 6,000 Crores via equity shares, FCCBs, ADRs/GDRs, debentures, NCDs with warrants or other securities

Remote E-voting Period

October 17, 9.00 a.m. to October 20, 5.00 p.m. IST

Cut-off Date for Voting

October 14, 2026

What is being proposed

Shareholders are being asked to vote on three special resolutions at an Extraordinary General Meeting to be held on Wednesday, October 21, 2026 at 4.00 PM IST through Video Conference / OAVM.

1. Borrowing limit

• Consent sought to borrow, in supersession of all earlier resolutions, an amount not exceeding Rs. 6,000 crores through loans, financial facilities, debentures/bonds, commercial paper or other forms from banks, financial institutions or other entities.
• This may exceed the aggregate of paid-up share capital, free reserves and securities premium, which is the ceiling under Section 180(1)(c) of the Companies Act, 2013 — hence the special resolution.

2. Creation of charge / mortgage

• Approval sought under Section 180(1)(a) to mortgage and/or charge all or any movable and immovable properties, present and future, and the whole or any part of the undertaking(s), in favour of lenders, agents and trustees to secure borrowings.
• Includes power for lenders to take over management of the business in certain events of default.
• This security is subject to the limits approved under Section 180(1)(c).

3. Fund raising

• Authority sought to issue securities aggregating up to Rs. 6,000 Crores, for cash, in one or more tranches, with or without green shoe option, rupee or foreign currency denominated.
• Instruments may include equity shares (face value ₹ 1/- each), FCCBs, American/Global Depository Receipts, debentures, non-convertible debt instruments with warrants, convertible debentures or other equity-based instruments.
• Routes may include public issue, preferential issue, private placement, qualified institutions placement (QIP) or any combination.

Key QIP conditions listed

• Allotment to be completed within 365 days of the special resolution being passed.
• Board may offer a discount of not more than 5% on the Floor Price determined under SEBI ICDR Regulations.
• No single allottee to get more than 50% of the issue size; minimum 10% of Eligible Securities to mutual funds, failing which to other QIBs.
• Securities not saleable by the allottee for one year from allotment, except on a recognised stock exchange.
• No allotment to any QIB who is a promoter or related to promoters.
• A credit rating agency will monitor use of proceeds and report quarterly until proceeds are fully utilised.
• No subsequent QIP until expiry of two weeks from the date of the QIP.

Voting and participation

• Remote e-voting opens 9.00 a.m. IST on Saturday, October 17, 2026 and closes 5.00 p.m. IST on Tuesday, October 20, 2026.
• Cut-off date for voting entitlement: Wednesday, October 14, 2026. Voting rights are in proportion to paid-up equity holding on that date.
• E-voting is also available during the meeting for those who have not voted earlier.
• Members can join 15 minutes before and after the scheduled start; VC participation is available to at least 1,000 Members on first-come-first-serve basis, with large shareholders (holding 2% or more), promoters, institutional investors, directors, KMP, committee chairpersons and auditors exempt from that limit.
• Proxies are not available as the meeting is held through VC/OAVM.
• Speaker registration by email from October 15, 2026 10.00 a.m. to October 17, 2026 6.00 p.m.

How to read this

These are enabling approvals: they set the outer ceiling within which the Board may borrow, secure borrowings and issue securities. An equity-linked issuance, if and when carried out, can dilute existing shareholders, while additional borrowing adds to debt and interest obligations. The actual size, timing, instrument and pricing of any issue would be decided by the Board or the Fund Raising Committee within these limits.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.