Board Withdraws Rights Issue In-Principle Application and Proposed Acquisition of ICM Insurance Brokers

Board meeting on 25th September, 2026 approved two withdrawals.

Fri 25 Sep 2026

Board Meeting Date

25th September, 2026

Rights Issue Application Withdrawal

In-Principle Application shared on 08th June, 2026 (Case No. 270228) withdrawn

Acquisition Withdrawal

Proposed acquisition of M/s ICM Insurance Brokers Private Limited withdrawn

Reason for Withdrawal

Objects/purpose of the Rights Issue proposed to be revised; funding source for acquisition no longer available

Meeting Duration

Commenced at 11:31 A.M. and concluded at 11:46 A.M.

What was announced

The Board of Directors met on 25th September, 2026 and approved two related withdrawals.

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

Reasons given

The Rights Issue application is being withdrawn in view of a proposed revision in the objects/purpose of the Rights Issue, which requires the company to make a fresh In-Principle Application with the Stock Exchange(s) under the SEBI LODR Regulations and SEBI ICDR Regulations.

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 With the Rights Issue withdrawn, the proposed source of funding is no longer available, so the Board approved withdrawal of the acquisition.

How investors may read it

The company is stepping back from a fundraise it had already begun the exchange approval process for, and the linked acquisition falls away with it. The update points to a change in the intended use of the funds and indicates a fresh application would follow. Until a revised plan is placed before the exchange, both the fundraise and the acquisition stand withdrawn.

Meeting details

The Board meeting commenced at 11:31 A.M. and concluded at 11:46 A.M.

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