Corrigendum to EGM notice adds pricing disclosure for proposed preferential issue
Corrigendum issued to the EGM notice; EGM on Monday, 19 October 2026 at 04:00 PM through video conferencing / other audio visual means.
By ScoutQuest · · 3 min read
- Floor Price
- ₹1,456.40 per equity share
- Issue Price
- ₹1,460.00 per equity share
- EGM Date
- Monday, 19 October 2026 at 04:00 PM
What this update is
The company has issued a corrigendum to the notice of the Extra Ordinary General Meeting (EGM) of its members. The EGM is scheduled for Monday, 19 October 2026 at 04:00 PM (IST) through video conferencing / other audio visual means.
What the corrigendum adds
- It inserts a new sub paragraph (v) in the Explanatory Statement relating to Item No. 1, paragraph (d), on pricing under the Articles of Association.
- Item No. 1 is the proposed preferential issue of shares, for which the approval of the Members is being sought.
- The company has shared applications with NSE and BSE seeking in-principle approval in relation to the proposed preferential issue of shares.
- After observations from NSE, the company issued a corrigendum dated October 09, 2026; a further observation letter from NSE has led to this corrigendum.
- Except as specifically modified or clarified in this corrigendum, all other terms and contents of the notice remain unchanged. The text of the resolutions set out in the notice remains unchanged.
The pricing basis now disclosed
- Article 17(a)(iii) of the Articles of Association provides that where the company proposes to increase its subscribed capital by issue of further shares to any persons, if authorised by a special resolution, either for cash or for a consideration other than cash, the price of such shares shall be determined by the valuation report of a registered valuer, subject to the applicable provisions of Chapter III of the Companies Act, 2013.
- The Articles of Association do not prescribe any other method for determination of the price of shares issued on a preferential basis.
- Under the proviso to Regulation 164(1) of the SEBI ICDR Regulations, where the Articles provide a method of determination resulting in a floor price higher than that determined under the ICDR Regulations, that higher price is the floor price.
- Accordingly, the floor price is the higher of (A) ₹1,456.40 per equity share, determined under Regulation 164(1) of the SEBI ICDR Regulations, and (B) the price determined in accordance with Article 17(a)(iii) of the Articles of Association.
- CA Aman Bansal, independent registered valuer, by his valuation report dated September 23, 2026, determined the value of the equity shares at ₹1,456.40 per equity share. As the price determined in accordance with the Articles does not exceed the Regulation 164(1) price, the floor price remains ₹1,456.40 per equity share.
- The Issue Price of ₹1,460.00 per equity share is not lower than the floor price so determined.
Voting and availability
- Members who have already cast their vote through remote e-voting are not required to vote again; votes already cast shall remain valid.
- The corrigendum is being sent by electronic mode to all members and is available on the website of the company, on the websites of BSE and NSE, and on the e-voting website of MUFG Intime India Private Limited.
How to read this
This is a procedural step around a meeting that is yet to be held. The added disclosure explains how the floor price for the proposed preferential issue is arrived at — the higher of the SEBI ICDR Regulation 164(1) price and the Articles-based valuation — and states the Issue Price against that floor. The quantitative points to note are the floor price of ₹1,456.40 per equity share and the Issue Price of ₹1,460.00 per equity share.
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More numbers
- Floor price per equity share under SEBI ICDR Reg 164(1)₹1,456.40
- Value per equity share by independent registered valuer₹1,456.40
- Issue Price per equity share₹1,460.00
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