WS Industries (India) Limited successfully concluded its 24th Extraordinary General Meeting (EGM) on December 12, 2025, with shareholders overwhelmingly approving all proposed resolutions related to fund utilization revision and new preferential issues worth ₹195.00 crore.

EGM Voting Results

The EGM was conducted through video conferencing via NSDL platform at 2:30 PM IST, with 51 members representing 4,04,21,457 shares participating in the e-voting process. All three special resolutions were passed with requisite three-fourths majority, receiving 99.99% support from shareholders.

Approved Fund Utilization Revision

Shareholders approved the modification of ₹245.00 crore raised through the previous preferential issue, comprising ₹20.00 crore from equity shares and ₹225.00 crore from convertible warrants. The revised allocation optimizes deployment for business expansion and project execution.

New Preferential Issues Approved

The company received approval for two new preferential issues totaling ₹195.00 crore, targeted at non-promoter entities including Foreign Portfolio Investors.

Shareholding Impact

The preferential issues will result in significant shareholding changes, with the promoter group's stake decreasing from 59.27% to 46.54%, while public shareholding will increase from 40.73% to 53.46%. Key allottees include M7 Global Fund PCC - Cell Dewcap Fund (8.65% post-issue stake) and Vikasa India EIF I Fund (9.11% post-issue stake).

Regulatory Compliance

M/s. Lakshmmi Subranian Associates served as scrutinizers for the e-voting process, ensuring fair and transparent conduct. The company has appointed M/s. India Ratings and Research Pvt. Ltd as monitoring agency to oversee fund utilization, complying with SEBI regulations for issues exceeding ₹100.00 crore. The proceeds will support land acquisition, redemption of preference shares, working capital requirements, and general corporate purposes.

WS Industries (formerly W.S. Industries (India) Limited) has issued further revised disclosures for its preferential issue of equity shares and convertible warrants, following clarification from the National Stock Exchange (NSE). The company has now incorporated the Discounted Cash Flow (DCF) method in its valuation report, as directed by the exchange.

Revised Valuation Report

The registered valuer has issued an addendum valuation report dated August 26, 2025, which includes the DCF method under the Income Approach. This addition comes after the company submitted duly signed financial projections on August 25, 2025.

Key Findings

• The fair value per equity share has been determined at ₹71.88 using the DCF method.
• The minimum price for the preferential issue remains unchanged at ₹80.32, which is the higher value under SEBI ICDR Regulations.

Valuation Methodology

The revised valuation report employs three approaches to estimate the fair value of the company:

Background

WSI Ltd was taken over by new promoters in June 2022 and is currently undergoing an operational revamp in the infrastructure sector. The company had previously excluded the DCF method due to the unavailability of profitability projections. However, the NSE advised that this was not a valid ground for exclusion.

Implications

Despite the inclusion of the DCF method and the resulting fair value of ₹71.88 per share, the minimum price for the preferential issue remains at ₹80.32. This is in line with SEBI regulations, which require the issue price to be the higher of the values determined under various methods.

Company Statement

V. Balamurugan, Company Secretary of WSI Ltd, confirmed that all other contents of the EGM Notice dated June 27, 2025, and previous disclosures remain unchanged and continue to be in force.

The revised valuation report and disclosures demonstrate WSI Ltd's commitment to regulatory compliance and transparency in its preferential issue process. Investors and market participants will likely view this update as a positive step towards more comprehensive financial reporting and valuation practices.