Revised Board Outcome: Preferential Issue of 130,00,00,000 Shares, MOA Objects, CFO Resignation, Postal Ballot

Revised outcome of the Board Meeting held October 01, 2026 — the reference to Regulation 170(2) of the SEBI ICDR Regulations, 2018 was inadvertently mentioned in the earlier submission and has been removed.

Fri 9 Oct 2026

Equity shares to be issued

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

Issue price

Rs. 5/- per share at par

Total issue size

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

Revised board meeting outcome

The company has submitted a revised outcome of its Board Meeting held October 01, 2026. The earlier submission, shared with BSE Limited, inadvertently mentioned Regulation 170(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in connection with the proposed preferential issue of equity shares. That reference has been removed in this revision. The company states that the revision is limited to this correction and that the other contents of the outcome remain unchanged.

Preferential issue of equity shares

The Board considered and decided to issue up to 130,00,00,000 equity shares of Rs.5/- each at an issue price of Rs. 5/- each at par.

• These shares aggregate up to Rs. 650,00,00,000/-, described as the total issue size of equity.
• The shares are to be issued to certain identified non-promoter investors, on a preferential basis, for cash.
• This is in accordance with the provisions of Section 42 and Section 62 of the Companies Act, 2013, read with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and Debentures) Rules, 2014, Chapter V of the SEBI (ICDR) Regulations, 2018 and the SEBI (LODR) Regulations, 2015, and is subject to necessary approval of the members of the Company and other regulatory authorities.

In simple terms: a preferential issue means fresh shares are allotted to a select, identified set of investors rather than to the general public. The issue price here is the same as the face value of Rs. 5/-, so the shares are being offered at par. The company has also stated that the approval of shareholders and other regulatory authorities will be needed.

Change of object clause of the Memorandum of Association

• The Board approved the alteration of the object clause of the Memorandum of Association of the company, subject to necessary approvals, in addition to the existing objects.
• Details are given in Annexure I enclosed with the update.

The new main objects added, in addition to the existing objects, cover

• To acquire and take over from Belgaum Electricity Co., Ltd., Bulsar Electricity Co., Ltd. and Bhiwandi Electric Supply Co. Ltd., respectively, the licences and permits, and the undertakings thereunder.
• To generate, develop and accumulate electrical power, and to transmit, distribute and supply such power.
• To carry on, in India or overseas, the business of manufacturers, importers, exporters, contractors, suppliers, engineers, hirers, dealers and distributors of electrical, electronic and wireless equipment, apparatus, accessories and spare parts.
• To carry on the business of artificial intelligence and applied AI development, including generative AI, large language models, retrieval-augmented generation, natural language processing, computer vision and a captive Global Capability Centre model.
• To carry on the business of technology support services and IT infrastructure management, including IT consulting, software design and development, cloud computing, cybersecurity, data centre management and IT service management.
• To carry on the business of technology-enabled and integrated healthcare, including setting up and running hospitals, nursing homes, clinics, diagnostic and imaging centres, laboratories and pharmacies, and pharmaceutical products.
• To carry on the business of vehicle distribution, electric vehicles, tires and auto-ancillary parts, including vehicle showrooms and dealerships, and electric-vehicle charging infrastructure.
• To carry on the business of marketing, media, advertising, public relations and communications, including Marketing-as-a-Service, Communications-as-a-Service and public service announcement advertising.

Other items approved

• The Board approved the resignation of Mr. Mangesh Narayan Shirodkar, Chief Financial Officer of the Company.
• The Board approved the draft Notice of Postal Ballot of the Company.
• The Board decided to approve the conducting of the postal ballot process of the Company, with the last date for casting votes (remote e-voting) fixed as 31st October, 2026.
• Ms. Anushree Keshav, Practicing Company Secretary, was appointed as the Scrutinizer for conducting the postal ballot/e-voting process of the Company.

What this means for a reader

• A preferential issue changes the number of shares in issue and brings in new, identified investors; the price and size stated here are key figures to track.
• The object clause change widens the activities the company is permitted to pursue, beyond its existing objects.
• The issue and the object clause change are subject to necessary approvals.
• The postal ballot gives shareholders the opportunity to vote on the proposals, with remote e-voting open until the stated last date.
• The meeting started at 1:30 pm and concluded at 2.00pm.

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.