Wakefit Innovations Limited announced that its shareholders have approved key resolutions through a postal ballot by remote e-voting. These include the reclassification of authorized share capital, converting compulsorily convertible preference shares into equity shares, and a consequent alteration to the Capital Clause of the Memorandum of Association. Furthermore, shareholders approved an upside arrangement under the Shareholders’ Agreement (SHA) dated May 13, 2025, as amended on June 25, 2025. This arrangement pertains to Clause 20.2 of the SHA, which outlines the terms for additional promoter consideration payable to promoters (Ankit Garg and Chaitanya Ramalingegowda) by certain investors if they achieve a specific return on their investment. The approval ensures this clause remains in force post-listing, subject to applicable laws. Additionally, shareholders approved an amendment to the Articles of Association (AOA) of the Company, specifically the insertion of Article 168, which formalizes the 'Additional Promoter Consideration' related to the upside arrangement. This amendment is in line with the company's prospectus filed on December 10, 2025, and the SHA.
