Key Corp Limited has scheduled a meeting of its Board of Directors for Thursday, August 20, 2026, to consider and approve a proposal for raising capital through a rights issue. The company intends to issue Equity Shares with a face value of ₹10 each to its Eligible Equity Shareholders.

The proposed fundraising amount is capped at ₹15 crore. The issuance will be conducted in accordance with the provisions of the Companies Act, 2013, as amended, and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended.

Regulatory Compliance

The intimation was issued in compliance with Regulation 29(1)(d) and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company uploaded this disclosure on its official website alongside the exchange filing.

Key Corp Limited has initiated a postal ballot process seeking shareholder approval to alter its object clause, aiming to expand its operations into housing finance and diversified lending activities. The company is also proposing the appointment of two independent directors and seeking approval to enhance its borrowing powers up to ₹500 crore to support its growth strategy. These resolutions require shareholder consent through a special resolution via remote e-voting, scheduled from July 20, 2024, to August 18, 2024.

The Board of Directors, at its meeting held on July 15, 2024, approved the alteration of the Memorandum of Association to align with the Companies Act, 2013. The proposed changes involve substituting existing headings and inserting new sub-clauses to enable the company to undertake housing finance, loans against property, MSME loans, gold loans, and insurance distribution. These activities will be subject to regulations from the National Housing Bank and the Reserve Bank of India.

Key Proposed Resolutions

The company has appointed Mr. Yogesh Yashpaul Chadha (DIN: 0168180) and Mr. Devesh Srivastava (DIN: 08846006) as Additional Directors (Independent and Non-Executive) effective July 15, 2024. Shareholder approval is sought to regularize their appointments for a term of five years ending July 14, 2029. Both directors bring extensive experience in financial services, insurance, and risk management.

To facilitate the proposed business expansion, the Board seeks approval to borrow monies exceeding the aggregate of the company's paid-up share capital and free reserves. The special resolution proposes a cap of ₹500 crore on the total outstanding borrowing amount. Additionally, shareholders are asked to authorize the Board to create security by way of charge, mortgage, or hypothecation on the company's movable and immovable properties to secure these financial facilities.

Amit Chordia (COP-25667) has been appointed as the Scrutinizer to conduct the postal ballot through remote e-voting. The voting period commences at 9:00 a.m. on July 20, 2024, and concludes at 5:00 p.m. on August 18, 2024. The results will be declared within two working days of the conclusion of voting. The intimation was submitted to BSE Limited under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.