Aeroflex Neu Limited (formerly Sah Polymers Limited) has scheduled an Extra-Ordinary General Meeting (EGM) for October 22, 2026, to seek shareholder approval for entering the AI Infrastructure sector and securing up to ₹130 crore in related party loans.

The board approved these measures on September 23, 2026. The agenda includes altering the Memorandum of Association (MOA) object clause and modifying the utilisation of proceeds from a preferential issue of warrants. Remote e-voting will be available from October 19 to October 21, 2026, with October 15, 2026, fixed as the cut-off date.

Strategic Expansion and MOA Alteration

The proposed alteration to the MOA aims to accommodate new business avenues, including high-performance computing facilities, data centres, semiconductor fabrication units, and robotics. The company intends to establish an integrated platform for high-tech engineering products and services through greenfield projects and acquisitions.

Key additions to the object clause include:

• Precision industrial products such as butterfly valves, ball valves, check valves, sight glasses, wires, and cables.
• Manufacturing and trading of power equipment, electrical machinery, and renewable energy systems.
• Establishment of foundries for ferrous and non-ferrous metals.
• Operations in AI, IT, blockchain, Web3 infrastructure, and edge computing systems.

Preferential Issue Proceeds Modification

The board also resolved to alter the objects of the preferential issue of 72,00,000 warrants convertible into equity shares, approved at the 34th Annual General Meeting on August 25, 2026. The aggregate amount raised is ₹64.80 crore.

The existing object of utilising proceeds for Plug and Play Office Complexes, AI Parks, and Data Centers remains, but has been expanded to include:

• Entry into the AI Infrastructure sector.
• Establishment of an integrated platform for high-tech engineering products.
• Strategic investments in or acquisitions of companies in industrial, engineering, manufacturing, technology, and infrastructure sectors.
• Repayment of loans or financial assistance availed from the Holding Company or Group Companies.

As per the explanatory statement, out of the total ₹6,480 lakh raised, ₹795.50 lakh has been utilised so far, leaving ₹5,684.50 lakh unutilised. The specific tranche of ₹4,000 lakh earmarked for infrastructure development remains entirely unutilised and will now be deployed towards the expanded scope.

Material Related Party Transactions

Two ordinary resolutions have been proposed for material related party transactions (RPTs) with group entities until the conclusion of the next AGM in 2027. These transactions are intended for availing loans, borrowings, advances, and other financial assistance.

Both transactions are unsecured and must be undertaken in the ordinary course of business on an arm's-length basis. The funds are intended for strategic investments, business acquisitions, and portfolio diversification.

What the Numbers Show

The combined data reveals a significant shift in capital allocation strategy. While the company raised ₹64.80 crore specifically for infrastructure and real estate projects, only 12.2% of that amount (₹795.50 lakh) has been utilised so far. The proposal to redirect the remaining ₹4,000 lakh from this tranche toward AI infrastructure and precision engineering, alongside seeking ₹130 crore in fresh debt from group entities, indicates a pivot from asset-heavy real estate development to technology-driven industrial expansion. The reliance on group funding for up to ₹130 crore suggests a dependency on internal liquidity sources to fuel this rapid diversification.

Aeroflex Neu Limited shareholders approved all nine resolutions at its 34th Annual General Meeting (AGM) held on August 25, 2026. The voting results, scrutinized by CA Ashok Modi, confirmed the appointment of two independent directors and a strategic expansion of the company’s preferential issue objectives.

The physical meeting in Udaipur concluded at 11:28 am. Of the 5,716 total shareholders on the cut-off date, 43 members (two from the promoter group and 41 public shareholders) were present in person or through proxy. Remote e-voting was conducted via Central Depository Services (India) Limited (CDSL) from August 20 to August 24, 2026.

Director Appointments

Mr. Asad Daud was reappointed as a Director after retiring by rotation. The Board appointed Mr. Arpit Kalani (DIN: 09734386) and Mr. Tapan Tanmay Kothari (DIN: 11798942) as Non-Executive Independent Directors.

Both directors were appointed for a term of five consecutive years, commencing from July 15, 2026, to July 14, 2031. The appointments were recommended by the Nomination and Remuneration Committee and approved by the Board on July 15, 2026.

New Independent Directors Profile

Mr. Kalani possesses expertise in statutory compliances under the Companies Act. Mr. Kothari brings managerial and operational expertise across banking and sales. Neither director is related to any existing director of the company.

Preferential Issue Modification

A special resolution modified the first object of the preferential issue previously announced in May 2025. The revision aligns fund utilization with emerging business opportunities.

The change allows investment in data centers and hospitality businesses through subsidiaries or joint collaborations.

Related-Party Transactions

The AGM approved material related-party transactions with:

• Lion Houseware Private Limited
• Safe Polymer Private Limited
• Mr. Asad Daud, Director
• Mrs. Shehnaz D. Ali, relative of a Director

Voting Results Summary

All resolutions were declared passed with the requisite majority following the Scrutinizer’s report. The promoter group voted in favor of all ordinary and special resolutions where they were not interested parties. For related-party transactions, promoters abstained as required.

What the Numbers Show

The voting data reveals a distinct split in shareholder engagement based on the nature of the resolutions. While ordinary business items like financial statement adoption and director reappointments saw near-universal support from both promoters and public shareholders, the related-party transaction (RPT) approvals relied heavily on physical poll votes from public non-institutional shareholders. Promoters abstained from voting on RPTs as mandated, leaving the outcome to public shareholders who cast only 3,360 votes per RPT resolution compared to over 1.72 crore votes for other agenda items. This indicates that while promoter control is absolute on governance matters, minority shareholder approval remains critical for specific related-party dealings.