Board appoints CEO, revises share-swap resolution and shifts overseas subsidiary plan to Hong Kong
Mr. Siddarth Bhagwanji appointed Chief Executive Officer (CEO) and KMP with effect from 24-09-2026.
By ScoutQuest · · 2 min read
- CEO Appointment Effective Date
- 24-09-2026
- Share Swap Ratio
- 120:1 (120 equity shares for every 1 WEXL share)
- Maximum Equity Shares to be Allotted
- 1197080040
- Total WEXL Shares Held by Allottees
- 9975667
- Foreign Subsidiary Location Change
- From United Kingdom to Hong Kong (GACM Tech HK Limited)
Leadership change
- Mr. Siddarth Bhagwanji appointed Chief Executive Officer (CEO) and Key Managerial Personnel, effective 24-09-2026, on terms approved by the Board.
- His profile cites 13+ years across SaaS, payments, FinTech, hospitality, retail and enterprise technology, with roles at Vectorlane Consulting, IBS Software, DBSync Avankia and Vengai Software Solutions. He holds a B.E. from Osmania University, a PGP from IIM Ahmedabad and a PSPO certification.
Corrigendum to the AGM notice
The Board approved a corrigendum to the notice of the 31st Annual General Meeting, scheduled for September 30, 2026 at 12:30 P.M. through video conferencing. The notice had already been circulated to shareholders on September 08, 2026.
Item No. 09 — issuance of equity shares to non-promoters on a preferential basis (share swap) in lieu of acquisition of stake in WEXL EDU Limited — has been amended based on the stock exchange's suggestions. Amendments cover the list of allottees, total number of shares to be allotted, the PCA certificate, the PCS certificate under Reg 163 of SEBI (ICDR) Regulations, 2018, and the valuation report.
The share swap in numbers
- Swap ratio: 120 equity shares of the company for every 1 share held in WEXL EDU Limited (120:1).
- Total WEXL shares held by the 164 proposed allottees: 9975667.
- Maximum equity shares to be allotted: 1197080040.
- Largest proposed allottee: AVM TECH ED SOLUTIONS PRIVATE LIMITED with 3,700,000 WEXL shares, to receive 444,000,000 equity shares.
- Consideration is other than cash (swap of equity shares).
- Relevant Date for pricing: Monday, August 31, 2026, being 30 days prior to the AGM date.
- Allotment within 15 days of the resolution being passed, or from receipt of any pending regulatory or exchange approval.
- New shares will be fully paid-up and rank pari-passu with existing equity shares, including dividend and voting rights.
For existing shareholders, a preferential issue of this size means their holding as a proportion of the enlarged capital would reduce, since the shares are issued to new, non-promoter allottees. The issue still needs members' approval at the AGM and applicable regulatory clearances.
Overseas subsidiary plan changed
The Board had earlier (25-06-2026) decided to incorporate a wholly owned foreign subsidiary in the United Kingdom. It has now stated that various factors made that unviable and, on reconsideration, has decided to proceed instead with incorporation in Hong Kong, subject to applicable regulatory approvals and statutory requirements.
- Proposed name: GACM Tech HK Limited (name to be approved by the concerned authority).
- Share capital: 25000 Ordinary Shares of HKD 1 each.
- Shareholding: 100% held by GACM Technologies Limited.
- Business: software development, information technologies or other lawful activities.
- It will be a related party of the company from incorporation; the promoter/promoter group is stated to have no other interest in it.
Meeting timing
The board meeting began at 10.30 A.M. and concluded at 01.30 P.M. on Thursday, September 24, 2026.
Also from GACM Technologies
MoU signs AIML Cloud as exclusive distributor of FIRM TALK ERP; ₹15 crore minimum guaranteed sale over 24 months
24 Sep 2026
Board revises share-swap preferential issue terms, shifts subsidiary plan to Hong Kong, appoints CEO
24 Sep 2026
More numbers
- Swap ratio (equity shares per WEXL share)120:1
- Total WEXL EDU shares held by allottees9975667
- Maximum equity shares to be allotted1197080040
- AVM Tech Ed Solutions - WEXL shares held3,700,000
- AVM Tech Ed Solutions - shares to be allotted444,000,000
- Number of proposed allottees164
- Allotment period from resolution15 days
- Hong Kong subsidiary share capital (ordinary shares)25000 Ordinary Shares of HKD 1 each
- Shareholding in proposed Hong Kong subsidiary100%
- CEO's stated experience13+ years
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.