Board approves Rs. 650 crore preferential issue to non-promoter investors and adds new objects including AI, IT, healthcare

Board meeting outcome dated October 01, 2026.

Thu 1 Oct 2026

Preferential Issue Size

upto 130,00,00,000 Equity Shares of Rs.5/- each at Rs. 5/- each at par, aggregating up to Rs. 650,00,00,000/-

Issue Type

Preferential basis to identified non-promoter investors for cash

New Business Objects Added

AI and machine learning, IT support services, healthcare, vehicle/EV distribution and marketing/media

CFO Resignation

Mr. Mangesh Narayan Shirodkar

Postal Ballot Deadline

31st October, 2026

What the Board decided

• Issue of 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/-, to certain identified non-promoter investors on a preferential basis for cash.
• The issue is proposed under Sections 42 and 62 of the Companies Act, 2013, Chapter V of SEBI ICDR Regulations and SEBI LODR, and is subject to approval of members under regulation 170(2) of SEBI ICDR Regulations and other regulatory authorities.
• Alteration of the object clause of the memorandum of association, adding new objects to the existing ones.
• Resignation of Mr. Mangesh Narayan Shirodkar, Chief Financial Officer, approved.
• Draft Notice of Postal Ballot approved; the postal ballot process cleared with the last date for casting votes (remote e-voting) fixed as 31st October, 2026.
• Ms. Anushree Keshav, Practising Company Secretary, appointed as Scrutinizer for the postal ballot/e-voting process.

The new objects being added

Along with the company's existing electricity generation, transmission, distribution and electrical equipment objects, the following main objects are proposed to be added:

• Artificial intelligence and applied AI development — research, design, training, deployment and commercialisation of AI/ML software, platforms and models, including generative AI and large language models, and AI-enabled shared services through a captive Global Capability Centre model.
• Technology support services and IT infrastructure management — IT consulting, software development, system integration, cloud, cybersecurity, data centre management and managed services.
• Technology-enabled and integrated healthcare — hospitals, clinics, diagnostics, pharmacies, pharmaceutical products, telemedicine and AI-enabled diagnostics.
• Vehicle distribution, electric vehicles, tires and auto-ancillary parts — showrooms, dealerships, service centres, EV charging infrastructure, and facilitation of vehicle insurance and financing as an agent or distribution partner.
• Marketing, media, advertising, public relations and communications, including MarTech platforms and public service announcement advertising.

Ancillary objects covering borrowing, investments, employee benefit schemes and other supporting powers are also listed.

What this means for shareholders

The proposed preferential issue is sizeable relative to a Rs.5 face value share being issued at par — 130,00,00,000 new shares would be created if fully subscribed. Because these shares go to identified non-promoter investors, existing shareholders' percentage holding would be diluted to the extent of the allotment. Nothing is allotted yet: the Board has decided on the proposal, and member approval through the postal ballot plus other regulatory approvals are required.

The widening of the object clause signals an intent to operate in business lines well beyond the company's traditional electricity base. An object clause change permits an activity; it does not by itself establish operations, revenue or timelines.

Next step to watch

The outcome of the postal ballot, where voting closes on 31st October, 2026, will determine whether the object clause change and the preferential issue proceed. Investors may also note the change in the Chief Financial Officer position.

The meeting started at 1:30 pm and concluded at 2.00 pm.

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