MM Forgings Ltd. Announces Board Decisions on Fund Raising and Authorized Share Capital Increase
MM Forgings Limited announced decisions made at a board meeting held on March 25, 2026. The company approved a plan to raise funds not exceeding ₹600 crores through the issuance of equity shares or other securities convertible into equity shares, including warrants, debentures, or convertible preference shares. This could be achieved through a qualified institutions placement (QIP) or other permissible modes, in one or more tranches. The timing, size, and structure of the fundraising will be determined by the board, considering factors such as pricing, dilution, and market volatility.Additionally, the board recommended an increase in the company's authorized share capital from ₹51,00,00,000 divided into 5,10,00,000 equity shares of ₹10 each, to ₹61,00,00,000 divided into 6,10,00,000 equity shares of ₹10 each. This proposal is subject to shareholder approval and will be sought through a postal ballot.
The board meeting commenced at 10:40 a.m. (IST) and concluded at 11:32 am (IST). Details of the decisions are available on the company website at www.mmforgings.com.
Table: Disclosure of Details under Regulation 30
| Particulars | Disclosure |
|---|---|
| Type of the securities proposed to be issued | Equity Shares and / or other eligible securities convertible into equity shares (including warrants, or otherwise), fully convertible debentures, partly convertible debentures, non-convertible debentures with or without warrants and/ or convertible preference shares or any security convertible into equity shares. |
| Type of issuance | Qualified institutional placements ('QIP') or through any other permissible mode and/or combination thereof. |
| Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) | Amount aggregating up to ₹600 Crore or an equivalent amount thereof. |
| Any cancellation or termination of proposal for issuance of securities including reasons thereof | Not applicable |
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