PVV Infra, an infrastructure company mainly into solar power rooftop installations, during its board meeting, said that it has approved several strategic decisions aimed at enhancing the company’s growth trajectory and strengthening its operational framework.
Among the key decisions, the Board approved raising up to ₹49.50 crore through a Rights Issue of fully paid-up equity shares with a face value of ₹10 each, providing existing shareholders an opportunity to participate in the company’s growth. The specifics of the issue, including the price, entitlement ratio, and record date, will be finalized in due course, subject to regulatory approvals.
To support future growth and funding needs, the Board proposed increasing the authorized share capital from ₹60 crore to ₹120 crore, subject to shareholders’ approval via a postal ballot. Additionally, the Board approved alterations in the Object Clause of the Memorandum of Association (MOA) to incorporate activities related to solar and wind energy systems, LED manufacturing, EV products, and consultancy services, underscoring the company’s commitment to sustainability and green energy initiatives.
In a significant move, Sunil Jagtap, an expert in green energy with over 22 years of experience in the solar and wind energy sectors, was appointed as an Additional Director under the Executive Director category. His extensive expertise is expected to greatly enhance the company’s renewable energy endeavours.
The Board also appointed M/s Sambhu Prasad Hanumath Venkata Srinaga Mukkamala, a prominent firm of Practicing Company Secretaries from Visakhapatnam, as the Secretarial Auditor for FY 2024-25. Furthermore, the Board approved the circulation of a postal ballot notice to seek shareholder approval for these critical decisions.