Innocorp Limited shareholders approved a scheme for the reduction of share capital at the company's 32nd Annual General Meeting (AGM) held on August 8, 2026, in Hyderabad. The resolution, which required a special majority, was passed alongside the adoption of audited financial statements for the fiscal year ended March 31, 2026 (FY26), and the re-appointment of two independent directors. All six resolutions on the agenda received the requisite majority support from shareholders.

The AGM, chaired by Chairman and Whole Time Director Prasad VSS Garapati, commenced at 11:00 A.M. at the company's registered office in Banjara Hills, Hyderabad. Managing Director Lakshmi VVV Garapati and other board members were present. The meeting concluded at 11:25 A.M. after shareholders voted on items including the appointment of statutory auditors and the re-appointment of Lakshmi VVV Garapati as a director retiring by rotation.

Voting Results

Shareholders cast votes through e-voting between August 5, 2026, and August 7, 2026, as well as through physical poll during the AGM. Central Depository Services (India) Limited (CDSL) served as the service provider for electronic voting. Jineshwar Kumar Sankhala of P.S. Rao & Associates acted as the scrutinizer for the process.

Out of 5,666 shareholders on the record date, 41 shareholders participated in person (5 promoters and 36 public). No shareholders attended via video conference. The total number of votes polled across all resolutions was 2,348,634, representing approximately 29.57% of the outstanding shares.

Key Resolutions

The most significant outcome was the approval of the Scheme of Reduction of Share Capital. This special resolution received 2,348,624 votes in favour and only 10 votes against, securing 99.9996% support among polled votes. The promoter group voted unanimously in favour, while the public non-institutional category saw minimal opposition.

Shareholders also re-appointed Neralla Seshagiri Rao and Alapati Venkata Narasimha Rao as Independent Directors. Both appointments required special resolutions and were supported by 100% of votes polled in their respective categories. Additionally, the board sought approval for the appointment of statutory auditors for the ensuing term, which also passed unanimously.

What the Numbers Show

The high level of support for the share capital reduction scheme indicates strong alignment between promoters and public shareholders regarding the company's balance sheet restructuring strategy. With promoters holding 2,355,838 shares and voting entirely in favour, the outcome was effectively determined by promoter participation. The negligible opposition (10 votes) in the public category suggests broad acceptance of the proposed capital structure changes, which may aim to improve return on equity or absorb accumulated losses, though specific financial impacts were not detailed in the voting results.

Innocorp Limited has scheduled a board meeting for July 4, 2026, to consider and approve a proposal for the reduction of its share capital. The decision aims to alter the company's equity structure in accordance with the Companies Act, 2013, and other statutory requirements.

The proposed reduction of share capital is subject to multiple approvals. It requires the consent of shareholders, stock exchanges, regulatory authorities, and the Hon'ble National Company Law Tribunal (NCLT). The board will also discuss any other matters with the permission of the Chair during the meeting.

The intimation was submitted to BSE Limited under Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Lakshmi Vvv Garapati, Managing Director of Innocorp Limited.

Key Meeting Details