Euro India Fresh Foods has revised the list of proposed allottees for its preferential issue of equity shares and convertible warrants, following observations from the National Stock Exchange of India Limited (NSE). The company issued a corrigendum to its Extra-Ordinary General Meeting (EGM) notice on July 9, 2026, to substitute individuals who became ineligible or disqualified under Regulation 159(1) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The Board of Directors approved the corrigendum at its meeting held on July 9, 2026. The changes affect Resolution Nos. 2 and 3 of the EGM Notice, which seek shareholder approval for the preferential issue of equity shares and warrants on a private placement basis. The EGM is scheduled to be held on July 17, 2026, via video conferencing.

In the preferential issue of equity shares, Desai Ajaykumar Hawabhai and Bhupendrabhai D. Jivani have been replaced by Arti Manish Kheradi and Jivani Jay Bhupendrbhai, respectively. Both new allottees will subscribe to 40,000 equity shares each. For the preferential issue of convertible warrants, Dhara Mehta has been replaced by Agam Vikramkumar Mehta, who will subscribe to 2,80,000 warrants. The company stated that all other details, including the category of allottees, total number of securities, and consideration, remain unchanged.

The total issue size for the preferential allotment stands at ₹98.98 crore. The company intends to utilise the proceeds for purchasing plant and machinery, repaying bank term loans and cash credit, marketing and advertising, working capital requirements, and general corporate purposes.

The corrigendum also corrects the Volume Weighted Average Price (VWAP) for the 90 trading days preceding the relevant date to ₹234.35, revised from ₹234.64 due to an inadvertent error in the earlier calculation. However, the issue price remains fixed at ₹245 per equity share and per warrant, which is higher than the revised floor price. The company clarified that the provisions of Regulation 166A of the SEBI ICDR Regulations are not applicable as the proposed allotment does not result in a change in control or exceed 5% of the post-issue fully diluted share capital to any single allottee.

Euro India Fresh Foods Limited has scheduled an Extraordinary General Meeting (EGM) on July 17, 2026, to seek shareholder approval for raising up to ₹98.98 crore through a preferential issue of equity shares and convertible warrants. The company intends to issue 21,10,000 fully paid-up equity shares and 19,30,000 convertible warrants at a price of ₹245 per security, which includes a premium of ₹235 per share. The issue aims to bolster the company's capital structure and support strategic initiatives including debt repayment and working capital requirements.

Preferential Allotment Details

The Board of Directors, at its meeting held on June 19, 2026, approved the proposal to allot securities on a private placement basis. The equity shares, amounting to ₹51.69 crore, will be issued exclusively to non-promoter categories. The convertible warrants, aggregating ₹47.28 crore, will be allotted to both promoter group and non-promoter categories. The warrants are convertible into equity shares within 18 months from the date of allotment, with 25% of the consideration payable upfront and the balance due upon conversion.

Fund Utilisation Plan

The company plans to deploy the net proceeds of ₹98.98 crore towards specific operational and financial objectives. The largest allocation, amounting to ₹43 crore or 43.44% of the total proceeds, is designated for the repayment of bank term loans and cash credit facilities. Additionally, ₹35 crore has been earmarked for working capital requirements, while ₹3.5 crore each will be directed towards the purchase of new plant and machinery and marketing and advertising activities. The remaining ₹13.98 crore will be utilized for general corporate purposes.

Pricing and Regulatory Compliance

The issue price of ₹245 per security was determined in compliance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The price is higher than the floor price, calculated as the higher of the 90-day or 10-day volume weighted average price (VWAP) preceding the relevant date of June 17, 2026. The 90-day VWAP was ₹234.64, and the 10-day VWAP was ₹233.38. As the issue size does not exceed ₹100 crore, the company is not required to appoint a monitoring agency for the utilization of proceeds.

Meeting and Voting Details

The EGM will be held via video conferencing on July 17, 2026, at 12:30 p.m. IST. Remote e-voting will commence at 9:00 a.m. on July 14, 2026, and conclude at 5:00 p.m. on July 16, 2026. M/s. Dhiren R. Dave & Co., Practicing Company Secretaries, has been appointed as the scrutinizer to oversee the e-voting process. The company has also sought approval to increase the authorised share capital from ₹25 crore to ₹30 crore to facilitate the proposed issuance.