Board approves withdrawal of Rights Issue in-principle application and proposed acquisition of ICM Insurance Brokers

Board on 25th September, 2026 approved withdrawal of the In-Principle Application for the proposed Rights Issue shared with BSE on 08th June, 2026 (Case No. 270228).

Fri 25 Sep 2026

Board Decision Date

25th September, 2026

Rights Issue Application Shared Date

08th June, 2026

BSE Case Number

Case No. 270228

Acquisition Target

M/s ICM Insurance Brokers Private Limited

Reason for Withdrawal

Proposed revision in the objects of the Rights Issue

What the Board decided

• Withdrawal of the In-Principle Application for the proposed Rights Issue, which was shared with BSE Limited on 08th June, 2026 under Case No. 270228.
• Withdrawal of the proposed acquisition of M/s ICM Insurance Brokers Private Limited.

Why the Rights Issue application was withdrawn

The company states this is on account of a proposed revision in the objects/purpose of the Rights Issue, which makes a fresh In-Principle Application with the stock exchange necessary under the SEBI LODR and SEBI ICDR Regulations.

Why the acquisition was withdrawn

The proposed acquisition was intended to be funded through the proceeds of the Rights Issue. With the Rights Issue withdrawn, the company says the proposed source of funding is no longer available, so the Board approved withdrawal of the acquisition.

How investors may read it

The fund-raising plan has been rolled back at the application stage, and an inorganic expansion step linked to it has been dropped. The company has indicated a revision in the purpose of the Rights Issue and the intent to file a fresh application, so the shape and timing of any future issue would be known only from subsequent disclosures.

Meeting details

The Board meeting was held at the Corporate Office in Chennai, commenced at 11:31 A.M. and concluded at 11:46 A.M. The intimation is signed by Paras Chand Jain, Whole-time Director.

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