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 (India) Limited has successfully completed its preferential issue, allotting securities worth Rs 149.43 crore to non-promoter Foreign Portfolio Investors (FPIs) on January 2, 2026. The infrastructure sector company's Allotment Committee approved the allocation following shareholder approval at the Extraordinary General Meeting held on December 12, 2025.

Preferential Issue Completion

The company's Allotment Committee, in its meeting held on January 2, 2026, approved the allotment of securities to identified non-promoter entities. The allotment received in-principle approvals from both stock exchanges on December 18, 2025, following the EGM approval.

Investor Allocation Details

The preferential issue was subscribed by two major FPI investors, with partial subscription noted for one investor:

Partial Subscription Impact

M7 Global Fund PCC – Cell Dewcap Fund subscribed partially to the offered securities. The fund was originally offered 95,00,000 equity shares but subscribed to only 49,43,125 shares, leaving 45,56,875 shares unsubscribed. The unsubscribed portion has lapsed in accordance with regulatory provisions.

Convertible Warrants Terms

The 50,00,000 convertible warrants allotted to Vikasa India EIF I Fund carry specific conversion terms:

Previous Financial Performance

For the quarter ended September 30, 2025, WS Industries reported consolidated results showing a significant year-over-year decline:

Strategic Implications

The successful completion of the preferential issue, despite partial subscription, provides WS Industries with Rs 149.43 crore in capital to support its growth initiatives. The company had previously converted 5,35,120 warrants into equity shares in July 2025, demonstrating ongoing capital structure optimization efforts.

The allotment increases the company's equity base and provides financial flexibility as it navigates the challenging business environment reflected in its recent quarterly performance. The participation of established FPI investors signals continued institutional confidence in the company's long-term prospects.