Jojo Limited (formerly Madhuveer Com 18 Network Limited) has approved a proposal to incorporate a private company in the Dubai International Financial Centre (DIFC). The proposed entity is initially named "Jojo Holdings Ltd." or another name approved by the DIFC Registrar of Companies.

Board authorisation and next steps

The Board of Directors authorised Dhruvin Shah to propose or agree to any change in the name of the proposed company prior to its incorporation. He is also empowered to undertake necessary actions and execute requisite documents, including the Articles of Association, in connection with the incorporation in the DIFC.

The incorporation is presently at the proposal and documentation stage. The company stated that further details, including the final name, shareholding structure, capital contribution, objects, and date of incorporation, will be disclosed upon confirmation of relevant particulars.

Regulatory disclosure details

Jojo Limited informed the BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company will make further disclosures to the stock exchange as and when the relevant particulars are finalised and applicable disclosure requirements are triggered.

The authorised signatory arrangements and other incorporation formalities will be completed in accordance with applicable laws and the requirements of the DIFC Registrar of Companies.

Jojo Ltd board of directors approved the allotment of 6,89,61,400 equity shares in a 1:1 ratio during its meeting on October 13, 2026. This corporate action doubles the company's issued and paid-up equity capital.

The allotment follows shareholder approval received at the Annual General Meeting held on September 29, 2026, and in-principle approval from the BSE dated October 5, 2026. Eligible shareholders are those whose names appeared in the Register of Members or Register of Beneficial Owners as on the record date, October 12, 2026.

Capital structure changes

The newly allotted shares have a face value of ₹5 each and rank pari passu with existing equity shares. Consequently, the company's paid-up capital increases from ₹34.48 crore to ₹68.96 crore. The total number of outstanding shares rises from 6.89 crore to 13.79 crore.

What the numbers show

The 1:1 bonus issue effectively halves the theoretical price per share while keeping the total market capitalization unchanged, assuming no immediate change in investor sentiment. The company’s equity base expands significantly without raising fresh cash, as the issuance is funded by capitalizing reserves or surplus rather than external inflows.