Garuda Construction & Engineering has announced the appointment of Mr. Shanti Lal Gaggar as its new Chief Operating Officer (COO) and Key Managerial Personnel, effective November 20, 2025. This strategic move comes as the company reports robust financial performance and a significant order book.

New Leadership to Drive Growth

Mr. Gaggar brings over three decades of experience to his new role at Garuda Construction & Engineering. His expertise spans across retail, infrastructure, accounts, and audit sectors. As a science graduate and Chartered Accountant, Mr. Gaggar is expected to contribute significantly to the company's strategic planning, operational streamlining, and risk management.

Financial Performance and Order Book

Garuda Construction & Engineering has reported impressive financial results for the first half of the fiscal year:

The company's substantial order book of ₹4,876.78 crores indicates a strong pipeline of projects, positioning Garuda Construction & Engineering for continued growth in the coming quarters.

Expansion and Future Outlook

The management has indicated that the company is on a fast-track growth trajectory. To support this expansion, Garuda Construction & Engineering is actively improving its operational bandwidth. The company is also aggressively bidding for new projects and anticipates securing some significant orders in the near future.

Conclusion

The appointment of Mr. Shanti Lal Gaggar as COO, coupled with the company's strong financial performance and robust order book, signals Garuda Construction & Engineering's commitment to sustainable growth and operational excellence. As the company continues to expand its operations and bid for new projects, investors and industry observers will be keen to watch how these developments translate into long-term value creation.

Garuda Construction & Engineering Limited has taken a significant step towards implementing its fundraising plan. The company conducted an Extraordinary General Meeting (EGM) on December 1, 2025, to seek approval for several key financial decisions.

Key Points from the EGM

1. Qualified Institutional Placement (QIP)

   • Sought approval for raising up to ₹500.00 crores through QIP
   • Funds to be raised from qualified institutional buyers

2. Increase in Authorized Share Capital

   • Proposed increase from ₹50.00 crores to ₹80.00 crores
   • Creation of an additional 6 crore equity shares

3. Related Party Transactions

   • Approval sought for related party transactions

4. Voting Results

   • To be announced within two working days of the EGM

Background

The EGM follows the board meeting held on November 7, 2025, where these proposals were initially approved. The board had made several key decisions:

1. Approved raising up to ₹500.00 crores through a QIP
2. Approved an increase in authorized share capital from ₹50.00 crores to ₹80.00 crores
3. Formed a QIP Committee to handle matters related to the proposed fundraising

Detailed Overview

The proposed changes in the company's capital structure are as follows:

QIP Details

The Qualified Institutional Placement (QIP) under consideration has the following characteristics:

• Maximum Amount: Up to ₹500.00 crores
• Share Type: Equity shares with a face value of ₹5.00 each
• Pricing: To be determined in accordance with SEBI regulations and applicable laws
• Regulatory Compliance: The QIP will be conducted in accordance with Chapter VI of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, and Section 42 of the Companies Act, 2013

Next Steps

1. The company will announce the voting results of the EGM within two working days.
2. If approved, the QIP Committee will oversee the details and execution of the fundraising process.
3. Necessary regulatory and statutory approvals will be sought as required.

This strategic move by Garuda Construction & Engineering Limited appears aimed at strengthening its capital base, potentially for expansion, debt reduction, or other corporate purposes. The outcome of the EGM will be crucial in determining the company's path forward with its fundraising plans.