ZEZelio E Mobility544563Board key decisions

Revised Board Outcome: Rs. 167.95 Crore Preferential Issue of Shares and Warrants, AoA Change, RPT Approvals

Revised outcome of the 23rd Sept 2026 Board Meeting — the earlier intimation had missed the Articles of Association change.

By ScoutQuest · Sat 26 Sep 2026, 6:18 PM IST · 3 min read

Preferential Equity Issue

9,73,000 equity shares at Rs. 853/- each = Rs. 82,99,69,000/-

Convertible Warrants Issue

9,96,000 warrants at Rs. 853/- each = Rs. 84,95,88,000/-

Total Fund Raise

Rs. 1,67,95,57,000/-

Promoter Holding Dilution

72.76% to 70.87% (fully diluted)

Warrant Conversion Period

18 months from allotment

Why this update exists

This is a revised version of the outcome of the Board Meeting held on Wednesday, 23rd September, 2026. The company states that Board approval for alteration of the Articles of Association was inadvertently not included in the earlier intimation, so the full outcome has been re-submitted.

Preferential issue of equity shares

• Up to 9,73,000 equity shares of face value Rs. 10/- each
• Issue price Rs. 853/- per share, including a premium of Rs. 843/-
• Aggregating up to Rs. 82,99,69,000/-, for cash, on a private placement basis
• To 4 proposed allottees in the Non-Promoter category: Motilal Oswal Financial Services Limited (4,70,000 shares, Rs. 40,09,10,000), Calliope Capital Advisors LLP (3,68,000 shares, Rs. 31,39,04,000), Param Value Investments (1,00,000 shares, Rs. 8,53,00,000) and Hem Growth Opportunities Fund (35,000 shares, Rs. 2,98,55,000)

Preferential issue of convertible warrants

• Up to 9,96,000 warrants, each convertible into 1 equity share of Rs. 10/- face value
• Issue price Rs. 853/- per warrant, aggregating up to Rs. 84,95,88,000/-
• To 3 promoters: Mr. Niraj Arya, Mr. Deepak Arya and Mr. Kunal Arya, 3,32,000 warrants each (Rs. 28,31,96,000 each)
• 25% of the price, i.e. Rs. 213.25/- per warrant (up to Rs. 21,23,97,000/-), payable on or before allotment; balance 75%, i.e. Rs. 639.75/- per warrant (up to Rs. 63,71,91,000/-), on conversion
• Conversion window is 18 months from allotment; if not exercised, the warrants lapse and the amount paid stands forfeited

The issue price of Rs. 853/- is stated to be not lower than the floor price under Regulation 164, with the Relevant Date being Friday, 18th September, 2026.

Effect on shareholding

On a fully diluted basis, assuming all shares are allotted and all warrants converted

• Promoter and Promoter Group: from 1,53,87,796 shares (72.76%) to 1,63,83,796 shares (70.87%)
• Public: from 57,62,204 shares (27.24%) to 67,35,204 shares (29.13%)
• Total shares: from 2,11,50,000 to 2,31,19,000

Existing shareholders' proportionate stake reduces as new shares are created, while the company raises fresh cash at a premium.

Monitoring agency

Because the combined issue size of Rs. 1,67,95,57,000/- exceeds Rs. 100 Crore, Brickwork Ratings India Private Limited has been appointed as Monitoring Agency to track the use of proceeds.

Articles of Association

The Board approved inserting an enabling provision allowing the company to issue share warrants or convertible securities on a preferential basis or otherwise, subject to member approval where required. This is the item that was added in this revised outcome.

Related party transactions

Member approval is being sought for purchase and/or sale of goods with five related parties, each capped at Rs. 50 Crores: Rajdhani Machinery Store, Torque Innovation EV Auto Private Limited, AVR Auto Industries Private Limited, Jai Bharat Engineering Tools and Jai Bharat Auto Components. The company states all such transactions will be in the ordinary course of business and on an arm's length basis.

Next steps

An Extra-Ordinary General Meeting is convened for Tuesday, 20th October, 2026 at 04:00 P.M. through video conferencing, to seek special resolutions on the AoA alteration, both preferential issues and the related party transactions. M/s Lal Ghai & Associates has been appointed Scrutinizer. The issues also require in-principle approval from BSE.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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