Wakefit Innovations Limited announced the outcome of its Board Meeting held on December 19, 2025. The Board approved the reclassification of authorised share capital by converting compulsorily convertible preference shares into equity shares, subject to shareholder approval. This will involve an alteration to the Capital Clause of the Company's Memorandum of Association. Furthermore, the Board approved arrangements related to the right to nominate directors and an "upside arrangement" under the Shareholders' Agreement (SHA) dated May 13, 2025, as amended on June 25, 2025. These approvals are also subject to shareholder consent. Key terms of the SHA, including the promoters' right to nominate three directors (two of whom are the promoters themselves) and a managing director, along with the right of Peak XV Partners Investments VI and Elevation Capital VIII Limited to nominate one director each, will survive the termination of the SHA upon the company's IPO listing. The "upside arrangement" stipulates that if certain investors receive returns exceeding 2.5 times their investment, they will pay 30% of the proceeds exceeding a 30% IRR to the promoters. The Board also approved amendments to the Articles of Association (AOA) to incorporate these provisions concerning director nominations and the additional promoter consideration. A postal ballot notice will be issued to seek shareholder approval for these matters, including the "Wakefit Employee Stock Option Plan – 2019".