TMT India Limited passed all 16 resolutions proposed at its 49th Annual General Meeting held on September 30, 2026. Key approvals included a change in the company's name, an increase in authorized share capital, and the preferential issue of equity shares.

The meeting was conducted through video conferencing. A total of 34 shareholders attended via VC, representing a small fraction of the 5,932 shareholders on the record date of September 23, 2026. The promoter group held 3,379,200 shares, while public non-institutional shareholders held 1,574,600 shares.

Corporate restructuring and capital changes

Shareholders approved the change in the company's name and consequential amendments to its Memorandum and Articles of Association. The AGM also authorized the shifting of the registered office and the adoption of new sets of MOA and AOA as per the Companies Act, 2013.

On the capital front, members approved the increase in authorized share capital. Two special resolutions were passed regarding the preferential issue of equity shares:

• Issue to non-promoters for consideration other than cash.
• Issue to promoters, promoter group, and non-promoters for consideration in cash.

Governance and borrowing limits

The board's appointment regularizations were ratified by shareholders. Mitesh Kothari was confirmed as Chairperson and Managing Director. Shakti Tiwari and Jigna Rajiv Shah were appointed as Executive Directors. Rahul Visaria, Deepak Gandhi, and Pradeep Kumar were regularized as Non-Executive Independent Directors.

Additionally, the Board was authorized to approve overall borrowing limits under Section 180(1)(c) and to create charges on movable and immovable properties under Section 180(1)(a) of the Companies Act, 2013.

Voting pattern analysis

Voting results indicate strong promoter support for all resolutions where they were eligible to vote. For most resolutions, the promoter group voted 2,616,210 shares in favor, while public non-institutional shareholders voted 83,600 shares in favor. No votes were cast against any resolution.

What the numbers show

A notable divergence exists in voting participation between the promoter group and the public. Promoters voted 77.42% of their held shares, whereas public non-institutional shareholders voted only 5.31% of their holdings. This suggests that corporate governance decisions are effectively driven by the promoter group, with minimal active participation from the public float during the AGM process.

TMT India Limited issued a corrigendum to its Annual General Meeting (AGM) notice on September 21, 2026, to rectify typographical errors in the proposed preferential equity share allotment. The Board of Directors approved the amendment during a meeting held on the same day.

The correction specifically addresses Item No. 4 and its corresponding Explanatory Statement in the original AGM notice dated September 8, 2026. The company stated that the changes are limited to correcting inadvertent errors regarding the number of shares and shareholding percentages for certain proposed allottees. All other terms and conditions of the AGM notice remain unchanged.

Corrected Allotment Details

The corrigendum provides the finalized list of 27 proposed allottees for the preferential issue of up to 7,21,65,000 equity shares at ₹10 per share. The total aggregate consideration is approximately ₹72.16 crore.

Promoter entities continue to hold significant stakes in the proposed issuance. Yoga Builders Private Limited is allotted 1,70,00,000 shares, while Scaffold Properties Private Limited receives 1,05,00,000 shares. Two other entities, DK Web Tech Private Limited and BKC Properties Private Limited, are categorized under the Promoter Group, each receiving 1,00,00,000 shares.

The remaining shares are allocated to non-promoter investors, including Genext Hardware & Parks Private Limited (89,00,000 shares) and Vivek Lakshminath Mehrotra (55,40,000 shares). Several individual investors are allotted smaller tranches, with amounts ranging from 1,00,000 to 40,00,000 shares.

Shareholding Impact

Post-issue shareholding calculations assume full subscription of securities and full conversion of warrants into equity shares. Following the allotment, Yoga Builders Private Limited’s holding will stand at 19.41%, down from its pre-issue holding of 39.34% due to dilution from the new issuance and warrant conversions. Scaffold Properties Private Limited’s stake will adjust to 11.49% from 14.43%.

DK Web Tech Private Limited and BKC Properties Private Limited will each hold 10.24% post-issuance. Genext Hardware & Parks Private Limited will hold 9.12%, while Vivek Lakshminath Mehrotra will hold 5.68%.

Strategic Context

This preferential issue proceeds alongside the company’s planned acquisition of Shakti Auto Industries Private Limited (SAIPL). The board had previously approved increasing authorized share capital from ₹10 crore to ₹100 crore to facilitate both the acquisition via share swap and this cash-based preferential issue.

The company also plans to change its name to Shakti Auto Industries Limited and shift its registered office from Telangana to Maharashtra. Shareholders will vote on these resolutions at the Extra Ordinary General Meeting scheduled for September 30, 2026.