Amalgamated Electricity Company Increases Authorized Capital, Appoints Directors Amid Major Business Restructuring

Amalgamated Electricity Company Increases Authorized Capital, Appoints Directors Amid Major Business Restructuring​

Amalgamated Electricity Company Ltd. announced several significant decisions following its Board meeting held on July 13, 2026. Key outcomes include a substantial increase in authorized share capital, approval of expanded business objectives, and the appointment of new directors.

The Board of Directors approved the increase of the company's Authorized Share Capital. Previously set at 45,00,000 equity shares of Rs. 5 each, the authorized capital has been increased to Rs. 2000,00,00,000, which is convertible into 400,00,00,000 equity shares of Rs. 5 each. This amendment requires subsequent approval from shareholders and allows for future fund raising through the issuance of additional equity shares.

In addition to capital restructuring, the Board approved the alteration and adoption of a new set of Articles of Association (AOA) to align the company's documents with statutory requirements. The Board also approved the change of the main object clause of the memorandum of association, expanding the scope of business activities significantly across multiple high growth sectors.

Strategic Investments and Share Placement​

The company decided on the preferential issue of up to 130,00,00,000 equity shares at an issue price of Rs. 5/- each, aggregating up to Rs. 650,00,00,000/-. This issuance is designated for identified non-promoter investors.

The proposed allottees for the preferential issue include Almontroz Trust Fund (Upto 40,00,000 shares, Upto 50,00,00,000 consideration), Uni Growth Fund (Upto 5400,00,000 shares, Upto 1,20,00,00,000 consideration), Candorhub Venture LLP (Upto 540,00,000 shares, Upto 1,20,00,00,000 consideration), Jazbat Roohani LLP (Upto 5460,00,000 shares, Upto 1,20,00,00,000 consideration), VP Venture LLP (Upto 5460,00,00,000 shares, Upto 1,20,00,00,000 consideration), and Sathvik Universal LLP (Upto 24,00,00,000 shares, Upto 1,20,00,00,000 consideration). The total offered amount is up to 130,00,00,000 equity shares for a combined consideration of up to Rs. 650,00,00,000/-.

Expansion of Business Scope and Corporate Governance Changes​

The revised memorandum of association includes several new business objectives aimed at diversification and technological leadership. These include:

• Technology & AI: Carrying on artificial intelligence and applied AI development, including research, design, model training, and commercialization of solutions across sectors like healthcare, finance, travel, and education.
• Technology Support Services: Providing comprehensive IT infrastructure management, consulting, cybersecurity services, data center management, and process automation.
• Healthcare: Establishing and operating various healthcare services, including running hospitals, diagnostic centers, and manufacturing pharmaceutical products.
• Vehicle Distribution: Handling the distribution of electric vehicles (EVs), internal combustion engine (ICE) vehicles, tires, and auto ancillary parts, along with setting up EV charging infrastructure.
• Marketing & Media: Offering marketing technology platforms, digital marketing, brand management, PR services, and strategic communications to various client types globally.
• Investment: Carrying on the business of a holding company and acquiring stakes in companies that align with the group's technology platform.

In addition to operational changes, the Board approved the change of the company’s Registered Office from Mumbai to Delhi.

New Appointments​

The meeting also saw the approval of two key appointments:

• Somesh Yag Ratanchand Kapai: Appointed as an Additional Director (DIN: 02461397). Mr. Kapai possesses over 45 years of executive experience spanning corporate strategy, investment banking, and business transformation across diverse industries in India and international markets.
• Jay Nareshbhai Tillani: Appointed as an Additional Non-Executive Independent Director (DIN: 11812895). Mr. Tillani is a Company Secretary and Merchant Banking professional with extensive experience in IPO advisory, due diligence, rights issues, and open offers/takeovers.

The company has also approved the Postal Ballot process for these appointments, setting August 12, 2026 as the deadline for remote e-voting. Ms. Anushree Keshav, a Practicing Company Secretary, was appointed as the Scrutinizer to conduct the Postal Ballot/evoting process.

Stock Price Movement​

As of 11:14, Amalgamated Electricity Company Ltd. is ticking up, trading at ₹91.55 after gaining 1.99%. The shares are completely flat, as both the intraday high and low stand precisely at ₹91.55.