Spacenet Enterprises India Limited announced that its Board of Directors, in a meeting held on May 6, 2026, approved several key business transactions. The board recommended an increase in the company's authorized share capital from ₹65 crore to ₹100 crore by creating an additional 35 crore equity shares of ₹1 each. This also involves amending Clause V of the Memorandum of Association (MOA). Furthermore, the board approved the alteration of the MOA, subject to shareholder approval, to broaden the company's scope of operations and align with emerging opportunities. This includes expanding into real estate development, co-working infrastructure, defence, aerospace, HR services, and renewable energy sectors. The company also approved the issuance of equity shares and/or other eligible securities, including convertible instruments, warrants, or depository receipts, through modes such as Private Placement or Qualified Institutions Placement (QIP). The total amount for this fundraising is not to exceed ₹200 crore. In a significant personnel change, Mr. Deenadayal Tripurasetty (DIN: 10200896) was appointed as an Additional Director (Non-Executive & Independent Director) effective May 6, 2026. He will hold office until the ensuing General Meeting and, subject to shareholder approval, will serve as an Independent Director for five consecutive years. Additionally, the Board approved the reconstitution of its committees: Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee, to ensure compliance with regulatory requirements. The company will seek shareholder approval for these proposals through a Postal Ballot Notice.
