Amalgamated Electricity ₹650 Cr Preferential Issue 2026

What the company has put to vote

Amalgamated Electricity Company Limited has issued a Postal Ballot Notice seeking shareholder approval for a preferential allotment and changes to its Memorandum of Association (MOA). The proposal centres on raising ₹650 crore by issuing up to 130 crore equity shares at ₹5 per share. The company has stated that the allotment is planned for identified non-promoter investors.

Alongside the capital raise, the board has approved altering the object clause to allow the company to enter new business areas beyond its legacy electricity-related identity. The company also disclosed the resignation of its Chief Financial Officer (CFO), Mangesh Shirodkar, effective September 30, 2026.

Postal ballot and e-voting window

The electronic despatch of the postal ballot notice was completed on October 1, 2026, and the notice was published in newspapers on October 2, 2026. Shareholders can vote only through remote e-voting.

The e-voting period began at 9:00 am on Friday, October 2, 2026, and is scheduled to close at 5:00 pm on Saturday, October 31, 2026. The company has said the ballot results are scheduled to be declared on or before Tuesday, November 3, 2026.

For voting eligibility, the cut-off date is September 30, 2026. Only members recorded in the register of members or beneficial owners as of that date can participate.

Preferential issue structure: ₹650 crore at ₹5 per share

The board approved a preferential issue of up to 130 crore equity shares at ₹5 each, aggregating ₹650 crore. The proposed allotment is on a private placement basis to specified allottees, subject to shareholder approval and regulatory clearances.

The company has described the proposed allottees as non-promoters, including Qualified Institutional Buyers (QIBs) and non-institutional investors. In one disclosure, the company listed six specified non-promoter allottees including Almontroz Trust Fund, Uni Growth Fund, Candorhub Venture LLP, Jazbat Roohani LLP, VPJ Venture LLP and Sathvik Universal LLP.

The postal ballot resolutions also cover governance steps linked to the process, including the appointment of a scrutinizer.

Why the company re-filed the proposal

Amalgamated Electricity submitted a fresh postal ballot notice after its earlier preferential allotment timeline lapsed. The company said it failed to allot shares within the mandated 15-day period following in-principle approval from BSE, which it noted was received on September 4, 2026.

As a result, the board decided to re-file the application with a new relevant date of October 1, 2026, while keeping the issue price and terms unchanged at ₹5 per share. Separately, the company has also disclosed that the relevant date for determining the issue price was July 13, 2026 in the earlier proposal.

Object clause change: adding AI, healthcare, EVs and more

The board approved altering the MOA to include new main objects that expand the scope of permitted business activities. The newly added objects explicitly authorise the company to carry on business in:

• Artificial intelligence and applied AI development, including generative AI, large language models, and machine learning operations (MLOps)
• Technology-enabled healthcare services including hospitals, diagnostics, and pharmaceutical manufacturing
• Vehicle distribution, electric vehicles (EVs), and auto-ancillary parts
• Marketing, media, advertising, and public relations services

In another summary of the same object-clause change, the company also referenced adding IT infrastructure and marketing services. The stated direction is a diversification strategy beyond traditional electricity generation and distribution.

What the October 1 board meeting covered

The company disclosed a board meeting scheduled for Thursday, October 1, 2026 at 1:30 pm, with a primary agenda of considering a preferential issue of equity shares via private placement. The agenda also included considering a change in the object clause, approving the postal ballot notice, and appointing a scrutinizer.

The October 1 board outcome referenced approval for the preferential allotment and the object clause alteration. The company also filed an intimation with BSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Earlier shareholder approvals and related corporate actions

The company also disclosed that shareholders approved all eight postal ballot resolutions that concluded on August 12, 2026, with results disclosed to the Bombay Stock Exchange on August 14, 2026. The approved items included an increase in authorised share capital, alteration of the Articles of Association, change in the object clause, approval for a preferential issue, shifting the registered office to Delhi, and director appointments and regularisation.

Separately, shareholders passed a special resolution to raise the aggregate outstanding limit for investments, loans, guarantees, or security under Section 186 of the Companies Act, 2013, to ₹700 crore.

The company also noted that it is incorporated in 1936 and is presently a non-operating company under revival or restructuring.

Subsidiary update mentioned in the disclosures

In the same year, Amalgamated Business Solutions Ltd (a subsidiary) made a preferential issue of 1,000 equity shares of ₹10 each. Following that issue, Amalgamated Electricity’s holding in the subsidiary reduced to 49.4%.

Key facts at a glance

Timeline of the current postal ballot process

Market impact and what investors typically track

The disclosures set out a large proposed equity issuance relative to the company’s existing scale, and the process hinges on shareholder consent and regulatory approvals, including from SEBI and BSE. The company has also disclosed that the prior timeline lapsed due to missing the 15-day allotment deadline after in-principle approval, leading to a re-file with a new relevant date.

Investors typically track three immediate deliverables in such transactions: whether shareholder approval is received through the postal ballot, whether regulatory clearances remain in place for the revised timeline, and whether the company completes the allotment within the required period after approvals. The object clause expansion is also a key governance change because it formally broadens what the company can pursue as its main line of business.

Conclusion

Amalgamated Electricity is seeking shareholder approval via postal ballot for a ₹650 crore preferential issue at ₹5 per share and for a substantial expansion of its MOA object clause into AI, healthcare, EVs, and other services. The e-voting window runs from October 2 to October 31, 2026, with results scheduled on or before November 3, 2026, based on the company’s stated timeline.