Amalgamated Electricity Company Limited has scheduled a remote e-voting process from July 14, 2026, to August 12, 2026, to seek shareholder approval for raising ₹650 crore through a preferential issue of equity shares. The company proposes to issue up to 1,30,00,00,000 equity shares of ₹5 each at face value to six specified non-promoter allottees, including Almontroz Trust Fund and Uni Growth Fund. The funds will be utilized for strategic investments in health, hospitality, and technology infrastructure, as well as for general corporate purposes.

The postal ballot notice encompasses several special and ordinary resolutions. Shareholders will vote on increasing the authorised share capital from ₹2.25 crore to ₹2,000 crore and altering the articles of association to align with the Companies Act, 2013. A significant shift in business strategy is proposed through the alteration of the object clause to reposition the company as an operating technology and artificial intelligence entity. Additionally, the company seeks approval to shift its registered office from Mumbai to New Delhi.

Governance updates include the appointment of three directors. Mr. Somesh Yag Ratanchand Kapai (DIN: 02461397) is proposed for appointment as a Non-Executive Director, while Mr. Jay Nareshbhai Tillani (DIN: 11812895) is nominated as an Independent Director. Ms. Aradhana Kurup (DIN: 07957633), currently an Additional Director, is proposed for regularization as an Executive Director. The board has appointed CS Anushree Keshav as the scrutinizer for the e-voting process.

The preferential issue is subject to regulatory approvals, including those from SEBI and BSE Limited. Brickwork Ratings India Private Limited has been appointed as the monitoring agency for the utilization of issue proceeds, which exceeds ₹100 crore. The relevant date for determining the issue price is July 13, 2026. The company has confirmed that no promoters, directors, or key managerial personnel intend to subscribe to the issue.

Key Agenda Items

Amalgamated Electricity Company Limited accepted the resignation of Krishnaprasad Ramanathan as Non-Executive Independent Director effective July 8, 2026. The resignation, attributed to personal reasons, was communicated via email to the company on the same date. Ramanathan also stepped down from all board committees of the company.

The Board of Directors acknowledged his contribution during his tenure. The company submitted a revised disclosure to BSE Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 to correct a discrepancy in the initial filing. The revised filing included specific confirmations regarding the director's other commitments and the reasons for his departure.

Ramanathan was appointed to the board on September 3, 2025. In his disclosures, he confirmed that he is not a director in any other listed company and does not hold any positions on other board committees. He also verified that there were no material reasons for his resignation other than the personal reasons stated in his resignation letter.

Key Disclosures

The intimation was signed by Aradhana Kurup, Additional Director, on behalf of Amalgamated Electricity Company Limited.