Board approves object clause change and Rs. 650,00,00,000 preferential issue proposal; CFO resignation approved

Board meeting on October 01, 2026 took several big decisions.

Thu 1 Oct 2026

Board Meeting Date

October 01, 2026

Preferential Issue Size

Up to Rs. 650,00,00,000/-

Number of Equity Shares

130,00,00,000 shares of Rs.5/- each

Issue Price

Rs. 5/- per share at par

E-voting Last Date

31st October, 2026

What the board decided

The Board of Directors met on October 01, 2026 and took up several items.

Object clause change

The board approved alteration of the object clause of the memorandum of association, in addition to the existing objects, subject to necessary approvals. New main objects added include:

• Artificial intelligence and applied AI development, including generative AI, large language models, computer vision and AI-enabled shared services through a captive Global Capability Centre model
• Technology support services and IT infrastructure management, including cloud, cybersecurity, data centre management and managed services
• Technology-enabled and integrated healthcare, including hospitals, diagnostics, pharmacies and pharmaceutical products
• Vehicle distribution, electric vehicles, tires and auto-ancillary parts, including showrooms, dealerships and EV charging infrastructure
• Marketing, media, advertising, public relations and communications, including MarTech platforms and PSA advertising

The existing electricity generation, transmission, distribution and electrical equipment objects remain.

Preferential issue proposal

The board considered and decided to issue upto 130,00,00,000 Equity Shares of Rs.5/- each at an issue price of Rs. 5/- each at par, aggregating up to Rs. 650,00,00,000/-, described as the Total issue Size of Equity. These are to be issued to certain identified non-promoter investors on a preferential basis for cash, under Sections 42 and 62 of the Companies Act, 2013, Chapter V of SEBI ICDR Regulations, 2018 and related rules. It is subject to approval of members under regulation 170(2) of SEBI ICDR Regulations and other regulatory authorities.

Management change

The board approved the resignation of Mr. Mangesh Narayan Shirodkar, Chief Financial Officer of the Company.

Shareholder approval route

The board approved the draft Notice of Postal Ballot and the conduct of the postal ballot process, with the last date for casting votes through remote e-voting fixed as 31st October, 2026. Ms. Anushree Keshav, Practicing Company Secretary, was appointed as Scrutinizer for the postal ballot/e-voting process. The meeting started at 1:30 pm and concluded at 2.00pm.

What investors may note

The object clause change signals an intent to widen the company's permitted activities well beyond electricity into AI, IT, healthcare, mobility and marketing. The preferential issue, if approved and completed in full, would bring in up to Rs. 650,00,00,000/- of fresh cash from non-promoter investors, and issuing such a large number of new shares would change the shareholding pattern of existing holders. Both items still require shareholder approval through the postal ballot, and the preferential issue also needs regulatory clearances.

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