Precision Wires India Limited (NSE:PRECWIRE) filed a corrigendum on 21 August 2026 to its Extra-Ordinary General Meeting notice, revising the utilisation schedule and shareholding pattern disclosures related to its proposed preferential issue of Compulsory Convertible Debentures worth Rs 150 crore, following observations from NSE and BSE.
Key Highlights
- The EGM is scheduled for Saturday, 5 September 2026 at 11:30 AM IST via Video Conferencing, with member approval sought for the Compulsory Convertible Debentures preferential issue.
- The revised utilisation plan allocates Rs 90 crore to working capital for copper procurement within 18 months and Rs 60 crore to expansion projects within 24 months of fund receipt.
- Post-conversion of CCDs into equity shares, total shares outstanding will rise from 18,28,07,975 to 18,65,57,975, with promoter shareholding declining from 56.62% to 55.48%.
- The corrigendum was issued on 20 August 2026 following observations from NSE and BSE and forms an integral part of the original EGM notice dated 10 August 2026.
About the Company
Precision Wires India Limited (NSE:PRECWIRE), headquartered at Prabhadevi, Mumbai, manufactures winding wires used in electrical motors, transformers, and generators. Its primary manufacturing facility is at Silvassa in the Union Territory of Dadra and Nagar Haveli. The company recently commissioned a captive copper rod unit at Valvada and is commissioning a copper recycling and refining project at Zaroli.
Announcement in Detail
The corrigendum replaces the original objects-of-issue table in the EGM notice dated 10 August 2026. Under the revised disclosure, Rs 90 crore is earmarked for working capital to fund copper procurement and discharge related financial liabilities, with utilisation targeted within 18 months of fund receipt. The remaining Rs 60 crore covers capital expenditure for new plant, machinery, and equipment (Rs 50 crore) and land acquisition (Rs 10 crore), both within 24 months. All amounts may deviate by plus or minus 10% based on management estimates and commercial factors.
The corrigendum also replaces the shareholding pattern table in the explanatory statement. On conversion of the CCDs into equity shares, the Alternate Investment Fund category is shown increasing from 1,85,227 shares (0.10%) to 21,85,227 shares (1.17%), indicating the proposed allottee category. Pending deployment, proceeds will be held in money market instruments, scheduled commercial bank deposits, or other permitted instruments.
Impact on Investors
The filing shows that conversion of the proposed CCDs will increase total equity shares outstanding by approximately 37.5 lakh shares, from 18,28,07,975 to 18,65,57,975. Investors will note that this represents a dilution of approximately 2% in the total share count. Promoter shareholding, as disclosed, will reduce from 56.62% to 55.48% post-conversion, while the Alternate Investment Fund allocation increases substantially from 0.10% to 1.17%.
Shareholders will observe that the EGM resolution has not yet been passed; the corrigendum updates the notice ahead of the 5 September 2026 meeting. The disclosed utilisation terms indicate that deployed proceeds will be committed over 18 to 24 months, with interim funds parked in money market or bank instruments as permitted under applicable law.
Sector / Market Context
India's electrical winding wire segment is closely tied to copper price movements on the London Metal Exchange. The corrigendum itself references LME Grade A copper averaging approximately USD 13,324 per MT in April to June 2026 against USD 9,519 per MT in the same period of 2025, a 55% year-on-year increase in INR terms, as the stated basis for the elevated working capital requirement.