Deccan Gold Mines EGM corrigendum: ₹135.67 cr issue

Deccan Gold Mines issues corrigendum ahead of September 2 EGM

Deccan Gold Mines has issued a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for September 2, 2026. The company filed the correction with BSE Limited on August 25, 2026. The change relates to a technical error in the original EGM notice dated August 7, 2026. Importantly, the company indicated that the substantive terms of the proposed preferential issue are unchanged. The EGM will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM).

What the correction is about

The corrigendum addresses an incorrect website link that was provided to shareholders in the earlier notice. The link is meant to enable inspection of a certificate issued by M/s. Rathi & Associates, Company Secretaries. This certificate confirms that the proposed preferential issue complies with SEBI ICDR Regulations. Deccan Gold Mines said shareholders can now access the Practicing Company Secretaries’ certificate via an updated link on its investor relations page. The company also stated that the document will remain available for inspection until the date of the EGM.

Preferential issue terms remain unchanged

Deccan Gold Mines clarified that the administrative correction does not alter the underlying fundraising proposal. The aggregate size of the preferential issue stands at ₹13,567.37 lakh (₹135.6737 crore). This amount reflects an earlier exclusion of an allottee, Mr. Rian Sumit Gala, due to securities transaction violations, as referenced in the company’s disclosures. Subramaniam Sundaram, Company Secretary and Compliance Officer, signed both the exclusion announcement and the corrigendum.

Instruments and consideration disclosed by the company

The preferential issue includes Compulsorily Convertible Debentures (CCDs), equity shares, and equity warrants. The company has disclosed instrument-wise quantities and consideration figures. In the material provided, the company also disclosed pricing at ₹191.90 per unit for CCDs, equity shares, and equity warrants, along with key terms for convertibles and warrants.

Summary of key preferential issue figures (as disclosed)

EGM schedule, voting window, and eligibility cut-off

Deccan Gold Mines has scheduled remote e-voting for the EGM from August 29, 2026 to September 1, 2026. The remote e-voting module will open at 09:00 a.m. on August 29 and close at 05:00 p.m. on September 1, 2026. The cut-off date for determining eligibility to vote is August 26, 2026. The company has stated that once a vote is cast, it cannot be changed. The EGM itself is set for September 2, 2026 at 11:30 a.m. IST via VC/OAVM.

Compliance framework cited for a virtual meeting

The company stated that the EGM will be conducted via VC/OAVM in line with Ministry of Corporate Affairs (MCA) General Circulars Nos. 14/2020, 17/2020, 09/2024, and 03/2025. It also cited SEBI Circular Ref. No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2024/133. As part of the electronic process, the notice is to be sent only through electronic mode. The company specified that no physical copies of the notice will be dispatched.

Registrar support and email registration route

MUFG Intime India Private Limited has been named as the facilitator for the remote e-voting module. For shareholders without registered email IDs, the company outlined a temporary registration route via MUFG Intime India Private Limited. This temporary registration is intended to enable receipt of the EGM notice and participation in e-voting. The company has also referenced a notice to shareholders for updating email IDs and other details, published in newspapers on August 9, 2026.

Capital raise structure and disclosures around total size

Across the provided information, the proposed capital raise has been referenced at more than ₹1,370 million. The company’s disclosures also describe the fundraising as being through CCDs, equity shares, and equity warrants as part of a preferential allotment. In one part of the material, the Board-approved capital raise is described as aggregating ₹130.67 crore, while another line item states “Total Fundraising” as an aggregate of ₹137.67 crore. Separately, the corrigendum-led summary presented the aggregate size at ₹13,567.37 lakh (₹135.6737 crore) after an exclusion of an allottee.

Business context referenced: projects and use of proceeds

The fundraising has been described as critical for scaling gold production at the Jonnagiri project in India and the Altyn Tor project in Kyrgyzstan. Separately, the proceeds have been described as earmarked for expansion, exploration, and debt repayment, and targeting projects in Mozambique, Spain, Finland, and India, with a portion for an investment in Kyrgyzstan. The material also mentioned an “Investment in Avelum Partner LLC” of ₹15 crore.

Recent financial snapshot cited in disclosures

The company reported a Q1 FY27 (June 2026 quarter) turnaround on a standalone basis. Standalone total income was ₹114.36 million (₹11.436 crore) and standalone net profit was ₹11.52 million (₹1.152 crore), with the turnaround attributed to associate contributions. Basic EPS from continuing operations was stated at ₹0.06. On a consolidated basis, total income was ₹60.20 million (₹6.02 crore) and net loss was ₹87.26 million (₹8.726 crore), with basic EPS from continuing operations stated at -₹0.33.

Other corporate development mentioned: Spain acquisition plan

Deccan Gold Mines stated it entered a definitive agreement to acquire a 51% stake in Logrosan Minera S.L. (LMSL), Spain. The transaction is described as an earn-in investment of EUR 1.76 million. The expected completion timeline mentioned was by March 2027.

Market impact and why the corrigendum matters

From a shareholder process perspective, the corrigendum is aimed at ensuring investors can access the required inspection document without friction. The company explicitly framed the change as a technical correction to the inspection link, not a change to the preferential issue terms. Because the EGM is being held virtually and the notice is distributed electronically, accurate links and access details become central to participation and compliance.

The material also included a stock movement reference of -17.60 (-8.30%). While the corrigendum itself is administrative, investor attention remains on the preferential issue vote, the stated instrument terms, and the final fundraising size that proceeds through shareholder approval.

Conclusion

Deccan Gold Mines’ August 25, 2026 corrigendum corrects a technical error in the EGM notice by updating the inspection link for the SEBI ICDR compliance certificate issued by M/s. Rathi & Associates. The preferential issue terms, including the aggregate size stated at ₹13,567.37 lakh (₹135.6737 crore) after an allottee exclusion, remain unchanged in the correction. The next confirmed milestones are the remote e-voting window from August 29 to September 1, 2026 and the shareholder vote at the September 2, 2026 EGM held via VC/OAVM.