Virtuoso Optoelectronics EGM Notice Update: ₹84.99 Cr Proceeds Utilization Revised
Virtuoso Optoelectronics Ltd has issued an update to its Extra-Ordinary General Meeting (EGM) notice dated August 29, 2026, scheduled for September 24, 2026. The update details revisions to the explanatory statement concerning a proposed preferential issue. Key changes include the utilization plan for ₹84.99 crore issue proceeds: ₹46.00 crore for long-term working capital, ₹17.97 crore for plant and machinery, and ₹21.02 crore for general corporate purposes. The plant and machinery purchase will expand the deep freezer unit capacity from 1,50,000 to 2,50,000 units per annum at its Nashik facility. The company also clarified the pricing basis for the preferential issue to Qualified Institutional Buyers (QIBs) will be based on the 10-trading day volume-weighted average price as per SEBI (ICDR) Regulations. Details on ultimate beneficial owners for QIB allottees, including ICICI Prudential SmallCap Fund and Clarus Capital II, were also revised. All other EGM terms remain unchanged.
Key Highlights
- EGM notice updated with revisions for a proposed preferential issue.
- ₹84.99 Cr issue proceeds allocated for working capital, machinery, and general corporate use.
- Funds to expand deep freezer unit capacity from 1.5 lakh to 2.5 lakh units.
- Preferential issue pricing for QIBs based on 10-day VWAP as per SEBI regulations.
- Identified QIB allottees include ICICI Prudential funds and Clarus Capital II.
Price Impact
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