Amalgamated Electricity Company Limited approved a proposal to issue up to 130 crore equity shares on a preferential basis, aggregating up to ₹650 crore. The allotment will be made to identified non-promoter investors at an issue price of ₹5 per share, which is equal to the face value.

The Board of Directors took this decision during its meeting held on October 1, 2026. The issuance is subject to necessary approvals from members under Regulation 170(2) of the SEBI ICDR Regulations, 2018, and other applicable regulatory authorities. The shares will be issued for cash in accordance with Section 42 and Section 62 of the Companies Act, 2013.

Investor allocation details

The proposed allottees are categorized as Qualified Institutional Buyers (QIBs) and Non-Institutional investors. All proposed allottees are non-promoters. The distribution of shares and consideration is as follows:

Strategic pivot to AI and healthcare

In addition to the capital raise, the Board approved the alteration of the Memorandum of Association (MOA) to include new main objects. This move signals a significant diversification strategy beyond traditional electricity generation and distribution. The newly added objects explicitly authorize the company to carry on business in:

• Artificial intelligence and applied AI development, including generative AI, large language models, and machine learning operations (MLOps).
• Technology-enabled healthcare services, including hospitals, diagnostics, and pharmaceutical manufacturing.
• Vehicle distribution, electric vehicles (EVs), and auto-ancillary parts.
• Marketing, media, advertising, and public relations services.
• IT infrastructure management and cloud computing services.

Governance changes

The Board also approved the resignation of Mangesh Narayan Shirodkar as Chief Financial Officer. The resignation letter was received on September 30, 2026, after business hours, with the cessation effective immediately. To facilitate the shareholder approval process for these material events, the Board decided to conduct a postal ballot. The last date for casting votes via remote e-voting has been fixed as October 31, 2026. Ms. Anushree Keshav, a practicing company secretary, has been appointed as the scrutinizer for the voting process.

Amalgamated Electricity Company Limited confirmed the resignation of Mangesh Shirodkar as its Chief Financial Officer. The departure is effective immediately, following the receipt of his resignation letter on September 30, 2026.

The company filed the intimation with BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The resignation letter was received after business hours on the effective date.

Resignation details

Shirodkar cited personal and professional reasons for stepping down from the role of Key Managerial Personnel. He requested the Board to complete necessary statutory filings in accordance with the Companies Act, 2013.

The company stated that the resignation was accepted with immediate effect. No further details regarding a successor or interim arrangements were disclosed in the filing.