Corrigendum to EGM Notice clarifies objects of Rs. 3,71,99,98,480 preferential issue

A corrigendum has been issued to the EGM notice dated 16 Sept 2026; the EGM stays on Thursday, 08 Oct 2026 at 3:00 P.M. via video conferencing.

Wed 30 Sep 2026

EGM Date

Thursday, 08 Oct 2026 at 3:00 P.M. via video conferencing

Preferential Issue Size

Up to 22,27,544 equity shares

Issue Price per Share

Rs. 1,670 per equity share (face value Rs. 10, premium Rs. 1,660)

Total Issue Amount

Rs. 3,71,99,98,480

Debt Repayment Allocation

₹344.00 crores towards repayment/prepayment of bank borrowings

What was shared

Venus Pipes & Tubes has submitted a corrigendum to the notice of its Extra Ordinary General Meeting. The EGM date is unchanged: Thursday, 08 October 2026 at 03:00 P.M. (IST), through video conferencing / other audio-visual means. The corrigendum was electronically dispatched to members on 30 September 2026 and forms an integral part of the original EGM notice dated 16 September 2026.

Why the corrigendum

The company had applied to BSE and NSE for in-principle approval for the proposed preferential issue. It received observations from the exchanges, and this corrigendum incorporates the resulting clarifications in the notes and explanatory statement.

The proposed preferential issue

• Up to 22,27,544 equity shares
• Face value Rs. 10 each
• Issue price Rs. 1,670 per equity share, including a premium of Rs. 1,660 per equity share
• Aggregating up to Rs. 3,71,99,98,480

Shareholder approval for this is being sought at the EGM.

Change 1: objects of the issue

The explanatory statement now states that the company intends to use an aggregate amount of ₹344.00 crores from the issue proceeds towards repayment/prepayment (including estimated prepayment charges), together with accrued interest if any, of all or a portion of certain outstanding bank borrowings. These include term loans as well as working capital loans. The company notes that prepayment may attract prepayment charges or penalties as prescribed by the respective lender, and says such repayment should reduce outstanding indebtedness and debt servicing costs and improve the debt-to-equity ratio.

The choice of which loans to prepay will depend on factors such as maturity profile and remaining tenor, cost of borrowing and applicable interest rates, prepayment penalties, applicable laws and other commercial considerations.

Change 2: a note deleted

Under point (ii), "Utilization of Issue Proceeds", a note stating that fund requirements were based on internal management estimates and could be revised at management's discretion has been deleted, pursuant to observations received from BSE.

How to read this

This is a procedural clarification rather than a new transaction. The size, price and structure of the proposed preferential issue are unchanged; the disclosure around how the money will be used has been made more specific. All other contents of the EGM notice remain unchanged. Shareholders will vote on the proposal at the EGM.

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