New CEO appointed; share-swap resolution amended and Hong Kong subsidiary planned
Mr. Siddarth Bhagwanji appointed Chief Executive Officer (CEO) and Key Managerial Personnel with effect from 24-09-2026.
By ScoutQuest · · 2 min read
- CEO Appointment
- Mr. Siddarth Bhagwanji appointed Chief Executive Officer (CEO) and Key Managerial Personnel with effect from 24-09-2026
- Hong Kong Subsidiary
- GACM Tech HK Limited to be incorporated in Hong Kong with 25000 Ordinary Shares of HKD 1 each, 100% held by the company
- Share Swap Ratio
- Preferential issue (share swap) at a swap ratio of 120:1 for acquiring stake in WEXL EDU Limited
- Shares to be Allotted
- Maximum equity shares to be allotted: 1197080040
- WEXL Shares Covered
- 9975667 WEXL shares from 164 allottees
Leadership change
- Mr. Siddarth Bhagwanji appointed Chief Executive Officer (CEO) and Key Managerial Personnel with effect from 24-09-2026, on terms approved by the Board.
- Profile: product manager and business operations consultant with 13+ years of experience across SaaS, payments, FinTech, hospitality, retail and enterprise technology; past roles at Vectorlane Consulting, IBS Software, DBSync Avankia and Vengai Software Solutions. B.E. from Osmania University and PGP from IIM Ahmedabad.
Overseas subsidiary plan changed
The board had earlier decided to incorporate a wholly owned foreign subsidiary in the United Kingdom. Citing various factors making it unviable, it has now decided to proceed with incorporation in Hong Kong, subject to applicable regulatory approvals.
- Proposed name: GACM Tech HK Limited (name to be approved by the concerned authority)
- Share capital: 25000 Ordinary Shares of HKD 1 each
- Business: software development, information technologies or other lawful activities
- Shareholding: 100% held by GACM Technologies Limited; the subsidiary will be a related party from incorporation
Amendment to the share-swap resolution
Following suggestions from the stock exchange, the board approved amendments to Item no. 9 of the shareholders' resolution relating to issue of shares to non-promoters on a preferential basis (share swap) — covering the list of allottees, total number of shares to be allotted, PCA certificate, PCS certificate under Reg 163 of SEBI (ICDR) Regulations, 2018, and the valuation report.
A corrigendum to the notice of the 31st Annual General Meeting, scheduled for September 30, 2026 at 12:30 P.M. through video conferencing, has been issued and forms part of the AGM notice circulated on September 08, 2026.
Swap terms as revised
- Purpose: issuance of equity shares to non-promoters in lieu of acquisition of stake in WEXL EDU Limited
- Swap ratio: 120:1 — 120 equity shares of the company with ordinary voting rights for every one share held
- Allottees listed: 164
- WEXL shares covered: 9975667
- Maximum equity shares to be allotted: 1197080040
- Largest proposed allottee: AVM Tech Ed Solutions Private Limited, holding 3,700,000 WEXL shares, for up to 444,000,000 equity shares
- Relevant date for minimum issue price: Monday, August 31, 2026
- Consideration is other than cash (swap of equity shares); allotment within 15 days of passing the resolution, counted from receipt of any pending regulatory approval
- New shares will be fully paid-up and rank pari-passu with existing equity shares
What this means for shareholders
The proposed allotment is a large issuance of new equity for consideration other than cash, which would expand the share count if approved by members at the AGM and cleared by the authorities. Existing holders would see their proportionate stake change accordingly. The CEO appointment and the shift of the planned foreign subsidiary from the UK to Hong Kong are separate board decisions disclosed in the same outcome.
Also from GACM Technologies
MoU signed appointing AIML Cloud Global as exclusive distributor of FIRM TALK ERP, 50:50 revenue share
24 Sep 2026
Board Revises Share-Swap Preferential Issue Terms, Shifts Overseas Arm to Hong Kong, Appoints CEO
24 Sep 2026
More numbers
- Years of experience of new CEO13+ years
- Hong Kong subsidiary share capital (shares)25000 Ordinary Shares of HKD 1 each
- Shareholding in proposed WOFS100% of the Shareholding
- Swap ratio120:1
- Total WEXL EDU shares covered9975667
- Maximum equity shares to be allotted1197080040
- Number of proposed allottees164
- Largest allottee WEXL shares3,700,000
- Largest allottee equity shares to be allotted444,000,000
- Allotment timeline15 days
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