Prostarm Info Systems Ltd has issued a corrigendum to its 19th AGM notice following queries from BSE and NSE. The company revised its preferential issue details, including the removal of one allottee, while keeping the fundamental issue price of Rs 147 per warrant unchanged. Shareholders should note the total issue size is now Rs 42.61 crore, with proceeds earmarked for working capital. The management confirms this adjustment is regulatory in nature and does not impact control.
Prostarm Info Systems Issues AGM Corrigendum
Total Issue Size: Rs 42.61 crore; Issue Price: Rs 147 per warrant.
Reader Takeaway: Regulatory adjustments to the allottee list have been made; the Rs 147 valuation remains unchanged for investors.
What just happened
Prostarm Info Systems Ltd released a corrigendum to its 19th Annual General Meeting (AGM) notice, originally dated August 12, 2026. This follows feedback from the BSE and NSE regarding the company's planned preferential issue of convertible warrants. The company has adjusted its disclosure to better align with SEBI ICDR Regulations.
Why this matters
The corrigendum removes one proposed allottee and updates the shareholding pattern on a fully diluted basis. Crucially, the company has clarified the utilization of funds and added required undertakings regarding lock-in periods and re-computation prices. These updates satisfy exchange observations, ensuring the proposed resolution for Item No. 6 in the upcoming AGM on September 11, 2026, meets regulatory standards.
Key Transaction Terms
Despite the removal of an allottee, the core financial structure stands:
- Instrument: Fully Convertible Warrants
- Total Warrants: 28,98,717
- Issue Price: Rs 147 per warrant
- Total Issue Size: Rs 42.61 crore
- Conversion: Within 18 months of allotment
Risks to watch
While the company states no change in control or management, investors should monitor the outcome of the AGM on September 11, where shareholders will vote on these proposals. The successful completion of this preferential issue is dependent on meeting all SEBI compliance requirements.
What to track next
Shareholders should review both the original August 12 notice and the new August 31 corrigendum to ensure they have the full context before the AGM.