Precision Wires India has received in-principle approval from the BSE and NSE for its proposed ₹150 crore preferential issue of compulsorily convertible debentures (CCDs). The exchanges granted the nod on September 11, 2026, following near-unanimous shareholder approval secured during an Extra-Ordinary General Meeting (EGM) on September 5, 2026.

The company plans to allot 37,50,000 unsecured, unrated, and unlisted 12% CCDs to non-promoter allottees. Each debenture carries a face value of ₹400. The proceeds from this capital raise will be deployed towards working capital requirements and capital expenditure, as outlined in the EGM notice dated August 12, 2026, along with its corrigendum dated August 20, 2026.

Exchange Approval Details

The in-principle approval allows Precision Wires India to proceed with the allotment within statutory timelines prescribed under Chapter V of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company is required to submit listing applications for the equity shares arising upon conversion within twenty days from the date of allotment.

Both exchanges advised the company to strengthen internal controls to monitor trades executed by proposed allottees. Specifically, the company must obtain undertakings from allottees confirming they will not engage in intra-day trading or sell shares until the allotment date, as per Regulation 167(6) of the SEBI ICDR Regulations, 2018. Non-compliance could impact the listing of such shares.

Voting Results

The voting process included remote e-voting conducted between September 2, 2026, and September 4, 2026, alongside e-voting during the meeting. A total of 219 members participated, representing 12,53,42,142 shares. There were no invalid votes recorded.

The scrutinizer, M/s S K Dwivedi & Associates, confirmed that the votes cast in favour exceeded three times the votes against, satisfying the requisite majority for the special resolution under the Companies Act, 2013.

Transaction Structure

The proposed issue is structured as a private placement pursuant to Sections 23(1)(b), 42, 62(1)(c), and 71 of the Companies Act, 2013, as well as SEBI ICDR Regulations. The CCDs are compulsorily convertible into equity shares according to the terms specified in the issue documents.

The Board of Directors has been authorised to complete all necessary filings, including Form PAS-4 and PAS-5, and to arrange for the listing of equity shares arising upon conversion. The transaction remains subject to approvals from relevant regulatory authorities and stock exchanges.

Precision Wires India has disclosed plans to utilize up to ₹10 crore from its proposed preferential issue proceeds for the acquisition of land. The update, filed on September 10, 2026, clarifies the specific allocation of funds within the broader objects of the capital raise.

The company stated that the land purchase is subject to the identification of suitable property and the completion of requisite legal and technical due diligence. All applicable approvals and permissions must be secured in compliance with prevailing laws before any transaction proceeds.

Regulatory Compliance and Land Conversion

A significant portion of the disclosure addresses the regulatory framework for acquiring agricultural land. Precision Wires India noted that if the proposed asset is classified as agricultural, the company will initiate the process for obtaining permission for non-agricultural (NA) use.

The firm committed to filing applications for NA conversion within the prescribed statutory periods. The acquisition remains conditional on these permissions. If the requisite NA conversion is not obtained or if the company is legally barred from holding such land, it will take necessary steps to dispose of or sell the asset in accordance with applicable laws.

Disclosure Framework

This update was issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It serves as an additional disclosure following a corrigendum to the Notice of the Extra-Ordinary General Meeting (EGM) issued on August 20, 2026.

The company affirmed that any material developments regarding the land acquisition will be disclosed in accordance with SEBI listing norms. The disclosure was signed by Deepika Pandey, Company Secretary and Compliance Officer.