KS Smart Technologies initiated a postal ballot on September 11, 2026, to seek shareholder approval for raising up to $50 million through Qualified Institutional Placement (QIP) or Foreign Currency Convertible Bonds (FCCBs). The vote covers a ₹10 crore increase in authorised share capital from ₹165 crore to ₹175 crore, comprising 17.5 crore equity shares of ₹10 each. The e-voting period runs from September 12, 2026, to October 11, 2026, with results to be declared by October 13, 2026. The move follows a board meeting on September 11 where directors approved the fundraising framework and capital structure changes.
The company seeks approval to raise up to $50 million (or equivalent) through various instruments including QIPs, FCCBs, debentures, warrants, or other equity-linked securities. The issuance may occur in one or more tranches for long-term working capital requirements, business expansion, capital expenditure including technology infrastructure, R&D, and data centres, and repayment or refinancing of existing rupee-denominated loans. The board retains discretion to determine pricing, timing, and investor selection based on market conditions. For QIPs, a discount of up to 5% on the floor price may be offered.
The company proposes to raise the aggregate investment limit for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) from 10% to 24% of paid-up equity capital. The limit for Foreign Portfolio Investors (FPIs) will increase from 24% to the applicable sectoral cap. These changes aim to facilitate broader participation from foreign investors in the proposed securities issue, with disclosures made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The trading window for designated persons remained closed during the board meeting and will reopen 48 hours after the announcement.
The authorised share capital increase requires an amendment to the Memorandum of Association. Shareholders are voting on three key resolutions via remote e-voting facilitated by National Securities Depositories Limited (NSDL). The cut-off date for membership is September 4, 2026, with only members with registered email addresses as of this date eligible to vote electronically. M/s. Nuren Lodya and Associates has been appointed as the Scrutinizer for the postal ballot. The fundraising can be conducted through preferential issue on a private placement basis, including share swaps or other methods, and may include both listed and unlisted securities.
