Madhav Infra board okays ₹8.15 equity plan in 2026

The key development

Madhav Infra Projects Limited has moved to reshape its capital structure through a mix of preference-share conversion and a promoter-related equity issuance. The company said its board meeting scheduled for October 13, 2026 would consider proposals that include converting preference shares and converting a promoter loan into equity through a preferential issue route.

The developments come against the backdrop of a sharp move in the stock. The scrip fell 4.5% to ₹7.06 ahead of the board’s consideration of the proposals, according to the related note linked to the October 13 meeting.

What the board approved

At a board meeting held on October 13, 2026, Madhav Infra Projects Ltd approved a preferential allotment of up to 4,19,01,840 equity shares to its promoter group. The approval also covered a conversion plan involving preference shares.

In addition, the board approved the draft notice for a postal ballot to seek shareholder approval for these matters. The postal ballot route indicates the company is taking the approvals to shareholders as required under applicable rules.

Preference-share conversion structure

One part of the proposal involves converting existing preference shares into 4,65,03,067 CCPS. These CCPS are convertible into equity at ₹8.15.

Separately, the board meeting agenda described a plan to convert “1% non-cumulative non-convertible redeemable preference shares” into “1% compulsorily convertible preference shares.” The company also indicated that shareholder approval would be required for the proposed changes.

These steps place preference capital and its conversion terms at the centre of the company’s corporate actions. The ₹8.15 conversion price is explicitly referenced in the board approval note.

Preferential issue linked to promoter loan conversion

The company’s board meeting agenda also referred to a preferential issue via conversion of promoter loan. This is tied to the approved preferential allotment of up to 4,19,01,840 equity shares to the promoter group.

While the article text does not disclose the loan amount or other financial terms, it clearly states the issuance is on a preferential basis and linked to promoter-related funding. As with preference conversions, shareholder approval is to be sought.

Postal ballot and governance steps

Madhav Infra Projects said the postal ballot notice was approved for seeking shareholder consent. The company also appointed a scrutinizer for the e-voting process.

Mr. Haresh Kapuriya, Partner of M/s K H & Associates, Company Secretaries, was appointed as the scrutinizer. The appointment is a standard compliance step when companies seek shareholder approval through remote e-voting and postal ballot processes.

Share price context and market signal

The stock fell 4.5% to ₹7.06 around the time the company indicated the board would consider conversions and the promoter-linked equity route. The article text does not attribute the fall to a specific cause, but it highlights investor attention on dilution, conversion terms, and the approval path.

The conversion and issuance price of ₹8.15 is also notable in context because it is explicitly stated alongside the share price level of ₹7.06 referenced in the same set of updates. Investors typically track such corporate actions closely because they can change the equity base and promoter holding structure.

Company profile: infrastructure EPC and solar projects

Madhav Infra Projects Limited has spent over thirty years contributing to India’s infrastructure, including highways, bridges, and roads, and it has more recently expanded into solar power projects. The company operates as an EPC (Engineering, Procurement, and Construction) contractor and developer.

It executes projects directly and through Special Purpose Vehicles under concessional agreements. The company profile also states that Madhav Infra Projects Ltd was incorporated in 2010 and is engaged in infrastructure development and solar power generation.

Recent shareholder meeting disclosures

The company has also been making routine disclosure filings around shareholder meetings. An update dated September 30, 2026 referred to the proceedings of the Annual General Meeting (AGM) held that day. Another filing dated October 2, 2026 referred to voting results and a scrutinizer’s report of the 33rd AGM, pursuant to Regulation 44 of SEBI (LODR), 2015.

The article text also references a prior filing dated September 29, 2025 relating to voting results and the scrutinizer’s report of the 32nd AGM.

Key facts at a glance

Timeline of disclosed events

What investors can track next

The next immediate checkpoint is the postal ballot process, since shareholder approval is required for the conversion and preferential allotment matters described. Investors will likely watch for the postal ballot notice, voting window details, and eventual voting outcomes disclosed through the exchanges.

Given the stated plan to convert preference instruments and a promoter loan into equity, subsequent disclosures may clarify timelines and the final equity issuance steps once shareholder consent is in place.

Conclusion

Madhav Infra Projects has set in motion a set of corporate actions centred on preference-share conversion into CCPS and a preferential equity issuance to its promoter group at ₹8.15, subject to shareholder approval via postal ballot. With the stock noted at ₹7.06 after a 4.5% fall, the company’s next disclosures around the postal ballot and implementation steps will be the key items to monitor.