Neueon Corporation has approved a proposal to raise funds up to ₹300 crore through the issuance of equity shares or other eligible securities. The board meeting held on September 23, 2026, also recommended amendments to the Articles of Association and sought shareholder approval for material related party transactions.

The fundraising will be conducted through permissible modes including private placement, qualified institutions placement (QIP), or preferential issue. These actions are subject to regulatory approvals and shareholder consent obtained via a postal ballot using remote e-voting facilities.

Key Board Approvals

The Board of Directors transacted the following business:

• Fund Raising: Recommended approval for issuing equity shares (face value ₹1 each) and/or other eligible securities for an aggregate amount not exceeding ₹300 crore.
• Delegation of Powers: Authorized the Management Committee to handle the issue and allotment of securities within the approved limit.
• AOA Amendments: Proposed substitution of Article 22(i) regarding calls on unpaid shares, specifying that no call shall be payable less than 15 days from the date fixed for payment of the last preceding call.
• Related Party Transactions: Approved seeking member consent for material related party transactions for FY27.
• Scrutinizer Appointment: Appointed M/s. RPR & Associates as the scrutinizer for the postal ballot process.

Postal Ballot Timeline

Shareholder approval will be sought through a remote e-voting process. The key dates for the postal ballot are outlined below:

This intimation was issued in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that the Postal Ballot Notice will be sent by electronic mode to all members whose email addresses are registered.

Neueon Corporation has withdrawn its proposal for a rights issue worth up to ₹150.79 crore, citing a shift in the timing and immediacy of its funding needs. The decision follows delays in completing requisite regulatory formalities.

The Hyderabad-based engineering firm informed the Bombay Stock Exchange and the National Stock Exchange of India Limited about the withdrawal on September 9, 2026. The move comes under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Decision Details

The Board of Directors initially approved the rights issue during their meeting held on July 31, 2026. However, the time taken to complete regulatory and procedural steps altered the company's immediate capital requirements, leading to the current withdrawal.

Sudheer Rayachoti, Managing Director of Neueon Corporation, signed the disclosure letter addressed to the Listing Compliance Departments of both exchanges. The company, formerly known as Neueon Towers Limited, stated that this update is for the information of all stakeholders.

What the Numbers Show

The withdrawal highlights a divergence between planned capital raising and actual execution timelines. While the board approved a significant raise of up to ₹150.79 crore in late July, the inability to proceed by early September suggests that the specific use cases for these funds may no longer require immediate equity infusion, or that alternative financing avenues are being considered.