Amalgamated Electricity Company Limited (BSE: AECL) submitted a revised outcome of its October 1, 2026, board meeting to BSE Limited. The revision corrects an inadvertent reference to Regulation 170(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, in the context of a proposed preferential issue of equity shares.

The company stated that the correction is limited solely to removing the aforementioned regulatory citation. All other contents of the original board resolution remain unchanged. The revised document was signed by Managing Director Aradhana Kurup.

Key Board Approvals

The original board meeting, held from 1:30 pm to 2:00 pm, approved several significant corporate actions alongside the preferential issue proposal:

• Preferential Issue: Approval for the issuance of up to 130 crore equity shares at ₹5 each, aggregating up to ₹650 crore. The shares are to be issued to identified non-promoter investors on a preferential basis.
• Object Clause Amendment: Alteration of the Memorandum of Association to add new objects, including artificial intelligence development, technology support services, healthcare, vehicle distribution, and marketing services.
• CFO Resignation: Acceptance of the resignation of Mangesh Narayan Shirodkar as Chief Financial Officer.
• Postal Ballot: Approval of the draft notice and process for a postal ballot, with remote e-voting closing on October 31, 2026.

Preferential Issue Details

The proposed preferential allotment involves six non-promoter investors, categorized as Qualified Institutional Buyers (QIB) and Non-Institutional investors. The entire issue is priced at par value.

What the Numbers Show

The proposed capital raise of ₹650 crore represents a substantial expansion relative to the company's existing capital structure, given the face value of ₹5 per share. The issuance is entirely at par, indicating that the pricing is based strictly on nominal value rather than market valuation or premium. Furthermore, the diversification of the object clause into high-growth sectors like AI and healthcare suggests a strategic pivot beyond the company's traditional electrical supply roots, potentially justifying the scale of the capital infusion.

Amalgamated Electricity Company Limited has submitted a fresh postal ballot notice to seek shareholder approval for a ₹650 crore preferential issue, following the lapse of its previous allotment timeline. The company is proposing the issuance of up to 130 crore equity shares at a face value of ₹5 per share to identified non-promoter investors.

The Board of Directors approved this revised proposal on October 1, 2026. This move comes after the company failed to allot shares within the mandated 15-day period following in-principle approval from the BSE on September 4, 2026. Consequently, the Board decided to re-file the application with a new relevant date of October 1, 2026, while retaining the same issue price and terms.

Revised e-voting schedule and procedural updates

The company has initiated the remote e-voting process for shareholders to vote on the special resolutions. The notice was sent electronically to members whose email IDs were registered as of the cut-off date of September 30, 2026. Voting commenced on Friday, October 2, 2026, and will conclude on Saturday, October 31, 2026, at 5:00 pm.

The results will be declared by November 3, 2026, and displayed on the company’s website and communicated to stock exchanges. CS Anushree Keshav serves as the scrutinizer for the voting process.

Investor allocation details

The proposed allottees remain unchanged from the previous proposal, categorized as Qualified Institutional Buyers (QIBs) and Non-Institutional investors. All 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.

The explanatory statement notes that the previous alteration filed with the Registrar of Companies was rejected, necessitating this revised filing which addresses regulatory observations while maintaining the strategic intent.

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.

What the Numbers Show

The re-filing highlights a critical compliance gap in the company's execution capability. The initial approval was secured on August 12, 2026, and BSE in-principle approval followed on September 4, 2026. Under SEBI ICDR Regulations, allotment was due within 15 days of the later of these dates, i.e., by September 19, 2026. The failure to allot within this window forced a reset of the "Relevant Date" to October 1, 2026, extending the timeline by nearly six weeks. Despite the delay, the issue price remains unchanged at ₹5 per share, justified by an independent valuation report dated October 1, 2026, indicating that market conditions or internal valuations did not deteriorate significantly during the interim period.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE492N01022/a1ebba64-aecc-4bbe-bce6-15a4e0f53613.pdf