Details of the Proposed Capital Raise
Neueon Corporation intends to issue equity shares with a face value of ₹1 each or other eligible securities in one or more tranches. The total amount is capped at ₹300 crore, including any premium fixed during the issuance. This capital infusion can be executed through various routes such as Qualified Institutions Placement, private placement, or preferential issues as permitted under applicable laws.
The board has officially delegated powers to a Management Committee to oversee the allotment and issuance process. Shareholder approval is being sought through a postal ballot process, with the remote e-voting period scheduled to commence on September 30, 2026.
Structural Changes and Regulatory Compliance
Alongside the fund raise, the company has proposed a significant amendment to Article 22(i) of its Articles of Association. This specific change empowers the Board to make calls upon members regarding unpaid monies on shares, whether for nominal value or premium. The revised clause stipulates that the Board may make multiple calls, provided that no call is payable less than 15 days from the date fixed for the payment of the last preceding call.
This structural update is intended to align internal regulations with future capital requirements and ensure flexibility in managing shareholder obligations during future equity expansions.
Financial and Operational Profile
- Neueon Corporation operates in the Heavy Electrical Equipment industry and was formerly known as Neueon Towers Limited
- The company reported a trailing twelve-month revenue of ₹11.58 crore against a net loss of ₹305.01 crore
- Promoter holding remains exceptionally high at 90 percent following previous corporate restructuring events
- The stock currently trades at a price-to-book value of 0.88 with a one-year price return of 1206 percent from historical lows
- Institutional participation is currently minimal with FII and Mutual Fund holdings at zero percent
Postal Ballot and Voting Timeline
The company has appointed M/s. RPR & Associates, Practicing Company Secretaries, as the scrutinizer to manage the postal ballot process. Key dates include the cut-off for mailing notices on September 23, 2026, and the dispatch of notices via electronic mode by September 29, 2026.
The e-voting window will remain open for thirty days, concluding at 5:00 p.m. on October 29, 2026. Final results of the voting process will be declared within two working days of the closure.
This timeline represents a critical path for the company to secure the necessary regulatory and shareholder mandates for its capital expansion plans.
