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

Board meeting held on 25 September 2026 approved two withdrawals.

Fri 25 Sep 2026

Rights Issue In-Principle Application

Withdrawal approved for application shared with BSE on 08 June 2026 (Case No. 270228)

Acquisition Withdrawal

Proposed acquisition of M/s ICM Insurance Brokers Private Limited withdrawn

Board Meeting Date

25 September 2026

Funding Source

Rights Issue proceeds no longer available for acquisition funding

What the Board decided

• Withdrawal of the in-principle application for the proposed Rights Issue, shared with the Stock Exchange on 08 June 2026.
• Withdrawal of the proposed acquisition of M/s ICM Insurance Brokers Private Limited.

Why the Rights Issue application is being withdrawn

The company states there is a proposed revision in the objects/purpose of the Rights Issue. Because of that change, a fresh in-principle application will have to be shared with the Stock Exchange(s), in line with SEBI LODR and SEBI ICDR requirements. In plain terms, the fundraising plan is being reworked rather than executed in its earlier form.

Why the acquisition is being withdrawn

The proposed acquisition of ICM Insurance Brokers Private Limited was intended to be funded out of the Rights Issue proceeds. With the Rights Issue withdrawn, that source of funding is no longer available, so the Board approved withdrawing the proposed acquisition.

How investors may read it

Both a planned capital raise and a planned inorganic expansion step have been rolled back at the proposal stage. The update indicates the Rights Issue route may be revisited through a fresh application once the objects are revised, but no revised size, timeline or new objects are stated here.

Meeting details

The Board meeting was held at the Corporate Office in Chennai and ran from 11:31 A.M. to 11:46 A.M.

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