Cyient DLM Limited has issued a comprehensive postal ballot notice seeking shareholder approval for significant changes to its board composition. The notice, dated 26 November 2025, outlines four key director appointments that require member approval through special resolutions.

Proposed Board Appointments

The postal ballot encompasses four critical board positions that will shape the company's governance structure:

Director Profiles and Expertise

Dr. Ganesh Natarajan brings extensive entrepreneurial and leadership experience as Executive Chairman and Co-Founder of SF World and GTT Data Solutions Limited. He holds a Ph.D from IIT Bombay, has completed Advanced Management from Harvard Business School, and has successfully scaled multiple organizations including APTECH and Zensar. He currently serves as Chairman of Honeywell Automation India and holds board positions across several listed entities.

Mr. Giridhar Aramane, a retired Indian Administrative Service officer, served as Defence Secretary from November 2022 to October 2024 and previously as Secretary in the Ministry of Road Transport & Highways. He holds B.Tech in Civil Engineering from JNTU Hyderabad and M.Tech from IIT Madras, with over three decades of administrative experience across various government portfolios.

E-voting Process and Timeline

The company has engaged KFin Technologies Limited to facilitate the remote e-voting process. The voting timeline has been structured as follows:

Shareholders whose names appear in the Register of Members or Register of Beneficial Owners as of the cut-off date will be eligible to participate in the voting process. The postal ballot notice is being sent electronically to all members whose email addresses are registered with the company, depositories, or the registrar and transfer agent.

Regulatory Compliance and Governance

The appointments comply with provisions of Sections 149, 150, 152, 160, and 161 of the Companies Act 2013, along with SEBI Listing Regulations. All proposed directors have submitted declarations confirming they meet independence criteria under Section 149(6) of the Companies Act and Regulation 16(1)(b) of SEBI Listing Regulations. Mr. Manish Kumar Singhania, Practicing Company Secretary, has been appointed as scrutinizer to conduct the postal ballot process in a fair and transparent manner.

Strategic Implications

The board restructuring reflects the company's commitment to strengthening its governance framework with experienced independent directors. Dr. Datla and Mr. Ardeshir's re-appointments for second terms indicate satisfaction with their contributions during their initial three-year tenure. The addition of Dr. Natarajan and Mr. Aramane brings complementary expertise in technology entrepreneurship and administrative leadership respectively, positioning the board to guide the company's strategic initiatives effectively.

Cyient DLM Limited , a prominent player in the Electronic Manufacturing Services (EMS) sector, has reported the complete utilization of its Initial Public Offering (IPO) funds for the quarter ending September 30, 2025. The company's monitoring agency report, prepared by ICRA Limited, confirms that the fund utilization aligns with the stated objectives of the IPO issue.

IPO Fund Allocation and Utilization

Cyient DLM raised INR 700 crore through its IPO in June 2023, with net proceeds of INR 663.15 crore after lower-than-estimated issue expenses. The funds were allocated across various objectives:

Key Highlights

1. Working Capital Funding: The company has utilized INR 282.87 crore for incremental working capital requirements, with a minor delay of 6 months due to alignment with working capital cycle requirements.

2. Capital Expenditure: INR 6.73 crore has been used for capital expenditure, with the remaining amount scheduled for utilization in FY2025-26 and FY2026-27.

3. Debt Repayment: Nearly the entire allocated amount of INR 160.91 crore has been used for repayment or prepayment of borrowings.

4. Inorganic Growth: The full allocation of INR 70.00 crore for achieving inorganic growth through acquisitions has been utilized.

5. General Corporate Purposes: The entire amount of INR 97.58 crore allocated for general corporate purposes has been used.

Unutilized Funds

As of September 30, 2025, Cyient DLM has INR 45.12 crore in unutilized funds. The company has deployed INR 45.68 crore in fixed deposits and bank accounts, earning returns of 6.35%.

Management Commentary

The Board of Directors of Cyient DLM has noted that the utilization of funds is in line with the disclosures made in the offer document. They have confirmed that the slight delay in completing the working capital funding object is due to alignment with working capital cycle requirements.

Conclusion

Cyient DLM's IPO fund utilization report demonstrates the company's commitment to its stated objectives. With the majority of funds already deployed and plans in place for the remaining amount, the company appears to be on track with its growth and expansion strategies in the Electronic Manufacturing Services sector.