Prostarm Approves Q1 FY27 Results, Appoints New Auditors, Raises ₹43.27 Crore
Prostarm Info Systems Limited approved Q1 FY27 results. The company will appoint M/s. Valawat and Associates as statutory auditors for five years. Prostarm plans to raise ₹43.27 crore via 29,43,717 convertible warrants at ₹147 each. The 19th AGM is scheduled for September 11, 2026.
The fundraising of over ₹43 crore and the appointment of statutory auditors for a long term are material events that can significantly impact the company's financial health and governance.
The company reported its quarterly results, appointed new auditors, and announced a significant fundraising through preferential allotment of warrants, which are positive developments.
Prostarm Info Systems Limited announced the outcome of its Board Meeting held on August 12, 2026. The Board approved the Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, along with the Limited Review Report from the Statutory Auditors.
In a significant decision, the Board approved the appointment of M/s. Valawat and Associates as the Statutory Auditors for a term of five years, subject to member approval at the upcoming Annual General Meeting (AGM). The company also resolved to alter the Object Clause of its Memorandum of Association (MOA), pending shareholder approval.
Furthermore, Prostarm announced plans to raise up to ₹43.27 crore by issuing 29,43,717 Fully Convertible Warrants at an issue price of ₹147 per warrant on a preferential basis to non-promoter investors. Each warrant is convertible into one equity share.
The 19th AGM has been scheduled for Friday, September 11, 2026, to be held through Video Conferencing (VC)/Other Audio Visual Means (OAVM). Consequently, the Register of Members and Share Transfer Books will be closed from Saturday, September 5, 2026, to Friday, September 11, 2026, inclusive. Mr. Sandeep P Parekh has been appointed as the Scrutinizer for the remote e-voting process.
Regarding the relocation of business operations, the company expects to commence operations on or before September 30, 2026, pending the receipt of requisite regulatory approvals.
The Board Meeting commenced at 3:19 p.m. and concluded at 4:24 p.m.
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