Harmony Capital seeks nod to acquire 51% in Truvolt Engineering
Harmony Capital Services Ltd has initiated a postal ballot process to seek shareholder approval for acquiring a 51% stake in Truvolt Engineering Co Private Limited through a share swap involving the issuance of 1.26 crore shares. The notice also includes resolutions for appointing a Managing Director, Independent Directors, and a Statutory Auditor, as well as increasing the foreign investment limit to 100%. Remote e-voting is open from July 18 to August 16, 2026.
*this image is generated using AI for illustrative purposes only.
Harmony Capital Services Ltd has called for a postal ballot to seek shareholder approval for the acquisition of up to 63,23,700 equity shares, representing approximately 51% of the paid-up equity share capital of Truvolt Engineering Co Private Limited. The acquisition will be executed through a share swap arrangement, wherein the company will issue and allot up to 1,26,47,400 equity shares of face value Rs. 10 each at an issue price of Rs. 66 per share, aggregating to Rs. 83,47,28,400. The transaction is based on a share exchange ratio of 1:2, determined by independent registered valuers, and will result in Truvolt Engineering Co Private Limited becoming a subsidiary of the company.
The postal ballot notice, dated July 18, 2026, encompasses seven special resolutions and one ordinary resolution. In addition to the acquisition, the company seeks approval for the change in designation of Mr. Rajesh Ghosh from Director to Managing Director for a period of five years commencing from February 28, 2026. The board has also proposed the appointment of Ms. Khusbu Agrawal and Ms. Sweta Agarwal as Non-Executive Independent Directors for a term of five years effective from July 1, 2026.
Key Resolutions
The resolutions tabled for shareholder approval cover significant governance and strategic changes:
| Sr. No | Particulars | Resolution Type |
|---|---|---|
| 1 | Change in designation of Mr. Rajesh Ghosh to Managing Director | Special Resolution |
| 2 | Appointment of Ms. Khusbu Agrawal as Independent Director | Special Resolution |
| 3 | Appointment of Ms. Sweta Agarwal as Independent Director | Special Resolution |
| 4 | Appointment of Statutory Auditor to fill casual vacancy | Ordinary Resolution |
| 5 | Acquisition of 51% of Truvolt Engineering Co Private Limited | Special Resolution |
| 6 | Increase in foreign investment limit to 100% | Special Resolution |
| 7 | Approval of material related party transactions | Special Resolution |
Acquisition and Share Swap Details
The proposed acquisition involves issuing shares to 139 allottees, including promoters and non-promoters, on a preferential basis. The issue price of Rs. 66 per share includes a premium of Rs. 56 per share. The relevant date for determining the floor price is July 17, 2026. The company has engaged MUFG Intime India Private Limited to facilitate the remote e-voting process.
Governance and Auditor Appointment
The company has proposed the appointment of M/s. Kale Malde and Co, Chartered Accountants, as Statutory Auditors to fill the casual vacancy caused by the resignation of M/s. Kapish Jain and Associates. This appointment is subject to shareholder approval and will hold office until the conclusion of the ensuing Annual General Meeting.
Foreign Investment Limit
Shareholders are also asked to approve increasing the aggregate limit for investment by Foreign Portfolio Investors up to 100% of the paid-up equity share capital. The company stated that this move aims to broaden the investor base, enhance liquidity, and attract foreign portfolio investments, subject to applicable sectoral caps and regulatory approvals.
The remote e-voting period commences on July 18, 2026, at 9:00 hours IST and concludes on August 16, 2026, at 17:00 hours IST. The results of the postal ballot will be announced on or before August 17, 2026.
Historical Stock Returns for Harmony Capital Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | 0.0% | +5.00% | +27.58% | +69.24% | +1,954.60% |
How will the acquisition of Truvolt Engineering impact Harmony Capital's revenue diversification and operational synergies?
What strategic benefits does Harmony Capital expect from increasing the foreign investment limit to 100%?
How will the appointment of two new independent directors influence the company's governance framework?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
