Prostarm Info Systems Limited has announced the convening of its 19th Annual General Meeting (AGM) on September 11, 2026, at 3:00 pm IST. The meeting will be conducted through Video Conferencing or Other Audio-Visual Means in accordance with Ministry of Corporate Affairs circulars. The primary focus of the gathering is to secure shareholder approval for significant corporate actions, including a capital raise via convertible warrants and an expansion of the company’s legal business objects.

Preferential Issue of Convertible Warrants

The Board of Directors has approved the issuance of up to 29,43,717 convertible warrants on a preferential basis to non-promoter allottees. The total aggregate consideration for the issue is up to ₹43,27,26,399 (approximately ₹43.27 crore). Each warrant carries a right to subscribe to one fully paid-up equity share of face value ₹10 each at a premium of ₹137 per share upon conversion.

The warrants are priced at ₹147 each, which is higher than the floor price of ₹146.94 determined based on the 90-trading-day volume-weighted average price on the National Stock Exchange. The proceeds from this issue are intended primarily for meeting the company’s working capital requirements, including day-to-day operational needs and procurement expenditures. The company will receive 25% of the issue price upfront at the time of allotment, with the remaining 75% payable by warrant holders upon exercise within 18 months.

Key Terms of the Issue

The proposed allottees belong to the non-promoter category and include individuals such as Mrs. Reshma Chapra, Mr. Pranjal Mukesh Jain, and Mrs. Pushpa Rani Bakliwal. The issue does not result in any change in control or management of the company, as no promoter or director intends to subscribe to the warrants.

Alteration of Memorandum of Association

Shareholders will also be asked to approve a special resolution to alter the main object clause of the Memorandum of Association. This amendment aims to expressly authorize the company to undertake end-to-end system integration, information technology infrastructure solutions, and digital technology services.

The expanded scope includes designing, engineering, and managing hardware, software, cloud, data center, cybersecurity, and artificial intelligence solutions. This strategic shift aligns with the company’s long-term growth strategy to capitalize on emerging opportunities in digital infrastructure and renewable energy integration. The alteration provides the necessary legal flexibility to participate in new business projects and diversify service offerings beyond its traditional power electronics portfolio.

Other Business Items

The AGM notice includes several ordinary business items. Shareholders will receive, consider, and adopt the audited standalone and consolidated financial statements for the financial year ended March 31, 2026. Mr. Ram Agarwal, Whole-Time Director & CEO, who retires by rotation, has offered himself for re-appointment as a director.

Additionally, the meeting will ratify the remuneration payable to M/s Y R Doshi & Company as Cost Auditors for FY26-27, capped at ₹70,000 plus applicable taxes. The Board has also recommended the appointment of M/s Valawat and Associates as Statutory Auditors for a five-year term commencing from the conclusion of this AGM, replacing M/s Mansaka Ravi & Associates who are completing their second term.

What the Numbers Show

The decision to raise approximately ₹43.27 crore through convertible warrants specifically for working capital highlights the company’s focus on strengthening its liquidity position ahead of potential expansion. With the IPO completed in June 2025 raising ₹168 crore, this subsequent capital raise suggests ongoing operational funding needs, likely tied to the execution of large-scale projects in its order book. The use of convertible warrants rather than direct equity allows the company to defer immediate dilution, linking final equity issuance to future investor confidence over the 18-month exercise window.

Prostarm Info Systems plans to establish a 1.2 GWh battery storage facility at Reliance Met in Jhajjar, Haryana. The facility is designed to cater to commercial and industrial (C&I) as well as utility-scale demand, with completion targeted by H1FY27.

Facility details

The following table outlines the key parameters of the planned battery storage facility: