Resourceful Automobile Ltd has issued a corrigendum to the notice for its upcoming Extra Ordinary General Meeting (EGM), scheduled for October 8, 2026. The update amends specific explanatory statements related to the proposed allotment of convertible equity warrants to the promoter category.

The company clarified that while a registered valuer report is not strictly required under the Companies (Share Capital and Debenture) Rules, 2014, it obtained one to comply with SEBI ICDR Regulations. This step was taken because the proposed allotment exceeds 5% of the post-issue fully diluted share capital.

Details of the proposed warrant issue

The EGM agenda includes seeking shareholder approval for issuing up to 3,00,000 convertible equity warrants at ₹51 per warrant. The total aggregate value of this issue is ₹1,53,00,000. The corrigendum specifically addresses points 5 and 18 of the original explanatory statement, ensuring full regulatory transparency for shareholders.

Regulatory compliance and documentation

To satisfy Regulation 166A of the SEBI ICDR Regulations, the company secured a valuation report from an independent registered valuer dated September 8, 2026. Additionally, a certificate from a practicing company secretary certifying compliance with preferential issue norms has been made available for inspection.

The revised notice and associated documents are accessible on the company’s website and stock exchange platforms. All other provisions of the original EGM notice dated September 16, 2026, remain unchanged.

Resourceful Automobile Limited has scheduled an Extra-Ordinary General Meeting (EGM) for October 8, 2026, to seek shareholder approval for a preferential issue of convertible equity warrants. The company plans to raise up to ₹1.53 crore through the issuance of 3,00,000 warrants to its promoter, Rahul Sawhney.

The warrants will be issued at a price of ₹51 each, which is slightly higher than the regulatory floor price of ₹50.85 determined based on the volume-weighted average price over the preceding 90 trading days. Each warrant carries the right to subscribe to one equity share of face value ₹10.

Capital Structure and Promoter Stake

The proposed transaction involves the issuance of warrants exclusively to Rahul Sawhney, who currently holds 45.63% of the company’s equity. Upon full conversion of the warrants into equity shares, his stake is projected to increase to 51.15%. This move consolidates promoter control while providing capital for business expansion without immediate dilution to public shareholders, as the funds are received only upon exercise.

The post-issue shareholding pattern assumes full subscription and conversion of all warrants. The non-promoter holding includes institutional investors, resident individuals, and others, with no new allotments proposed for these categories in this specific issue.

Use of Proceeds

The company intends to deploy the raised capital primarily towards expanding its electric vehicle (EV) distribution network. Approximately half of the proceeds, amounting to ₹75 lakh, will be utilized for opening new showrooms in Delhi and the National Capital Region (NCR). Another ₹75 lakh is allocated for working capital requirements, while the remaining ₹3 lakh will serve general corporate purposes.

Warrant Terms and Conditions

The convertible equity warrants will have a tenure of 18 months from the date of allotment. Key terms include:

• Exercise Price: 25% of the issue price (₹12.75 per warrant) is payable at subscription, with the remaining 75% (₹38.25) payable upon conversion.
• Conversion: Warrants convert into fully paid-up equity shares on a 1:1 basis.
• Lock-in: Shares issued upon conversion will be subject to lock-in periods as prescribed under SEBI ICDR Regulations.
• Lapse: Unexercised warrants will lapse after 18 months, with the paid amount forfeited by the company.

The EGM will be conducted via video conferencing or other audio-visual means. Remote e-voting facilities will be available from October 5, 2026, to October 7, 2026, through CDSL's e-voting platform.