Indiabulls Limited has issued a corrigendum to its Extraordinary General Meeting (EGM) notice scheduled for July 2, 2026, to clarify details regarding a preferential issue of convertible warrants. The company intends to raise ₹1000.07 crore through the issuance of warrants to promoter and non-promoter group entities, subject to shareholder approval. The corrigendum updates the pre-issue share capital figures and revises the objects of the issue to provide specific allocation details for the proposed funds.

The updated disclosure details the pre-issue shareholding, reflecting the allotment of 51,61,464 equity shares on June 8, 2026, following the exercise of Employee Stock Options (ESOPs). This adjustment brings the total pre-issue paid-up share capital to 232,95,43,602 shares. Additionally, the company clarified that the outstanding ESOPs as of June 10, 2026, stand at 2,18,29,500, after accounting for the options exercised on June 8, 2026.

Objects of the Issue

The company has substituted the objects of the issue in the explanatory statement to specify the deployment of the ₹1000.07 crore proceeds. The funds will be utilized for funding growth plans, meeting working capital requirements, and general corporate purposes across its diversified business verticals, including Real Estate, NBFC, Asset Reconstruction Company (ARC), and Stock Broking.

Utilization Strategy

Indiabulls Limited stated that it has not earmarked fixed segment-wise allocations due to the tranche-based receipt of funds and dynamic capital requirements across its business verticals. The company noted that rigid allocations could lead to inefficient deployment, and thus, funds will be allocated based on specific opportunities and requirements as they arise. The funds for general corporate purposes will not exceed 25% of the total issue proceeds.

Valuation Report Clarification

The corrigendum also addressed an inadvertent error in the Valuation Report dated June 2, 2026. The company clarified that references to “Unaudited management approved standalone provisional financials for the period ended March 31, 2026” should be read as “Audited standalone financials for the period ended March 31, 2026.” This correction is integral to the valuation report provided for the preferential issue.

The EGM will be held on July 2, 2026, at 11:30 A.M (IST) via video conferencing. The corrigendum has been sent to shareholders and published in Financial Express and Jansatta. All other contents of the original EGM notice dated June 10, 2026, remain unchanged.

Indiabulls Limited has scheduled an Extraordinary General Meeting (EGM) on July 2, 2026, to seek shareholder approval for a preferential issue of warrants worth ₹1000.07 crore. The company plans to issue up to 51,55,00,000 warrants at an issue price of ₹19.40 each, including a premium of ₹17.40, to promoter group entities and non-promoter group entities. The proceeds from the issue are intended to fund the growth plans of subsidiaries, meet working capital requirements, and support general corporate purposes.

The preferential issue will be made to four specific investors. Promoter group entities Phanes Limited and Hermes Limited are proposed to be allotted 22,52,50,000 and 14,02,50,000 warrants respectively. Non-promoter group entities EBISU Global Opportunities Fund Limited and Nyaasa Global Fund VCC – Nyaasa India EM Sub Fund are proposed to be allotted 10,00,00,000 and 5,00,00,000 warrants respectively. The issue price has been determined based on a valuation report from a SEBI-registered valuer and is higher than the floor price calculated as per SEBI ICDR Regulations.

Objects of the Issue

The company has outlined the allocation of the ₹1000.07 crore proceeds, with a permitted deviation of +/- 10% depending on future circumstances.

Terms of the Warrants

Each warrant is convertible into one fully paid-up equity share of face value ₹2. An amount equivalent to 25% of the issue price is payable at the time of allotment, with the balance 75% payable prior to the allotment of equity shares upon conversion. The warrants have an exercise period of 18 months from the date of allotment. If the right attached to the warrants is not exercised within this period, the warrants will lapse and the initial amount paid will be forfeited. However, if the company receives the balance 75% of the issue price but no notice for conversion is received, the warrants will be mandatorily converted into equity shares upon expiry of the 18-month period.

The Board of Directors approved the issue on June 3, 2026. Acuite Ratings & Research Limited has been appointed as the monitoring agency for the issue, as the size exceeds ₹100 crore. The agency will submit quarterly reports until the full utilization of proceeds. The relevant date for determining the floor price is June 2, 2026.

Shareholder Meeting Details

The EGM will be held through Video Conferencing or Other Audio Visual Means on July 2, 2026, at 11:30 AM IST. Remote e-voting will commence on June 29, 2026, at 10:00 AM and conclude on July 1, 2026, at 5:00 PM. The cut-off date for determining voting rights is June 25, 2026. The company has appointed Mr. Nishant Mittal, Proprietor of M/s. N Mittal & Associates, as the scrutinizer for the e-voting process.