Spectrum Talent Management Ltd. (formerly Spectrum Talent Management Private Limited) issued a corrigendum on November 28, 2024, regarding the Extraordinary General Meeting (EGM) Notice dated November 14, 2024. The EGM is scheduled for December 6, 2024, to seek shareholders' approval for issuing up to 15,00,000 fully convertible warrants on a preferential basis, catering to both the Promoter/Promoter Group and Non-Promoter/Public category investors.

Key updates and clarifications included in the corrigendum:

1. Schedule of Fund Deployment:

   • The company’s management has updated the plan for the preferential issue, outlining that the funds received from the issuance of warrants will be deployed over an 18-month period, with complete utilization by September 2026. The schedule, however, may change based on financial, market, and external factors affecting business performance and strategies.

2. Pre and Post-Issue Shareholding Pattern:

   • Adjustments were made to the company’s shareholding structure, reflecting the impact of the preferential issue. The changes include a detailed pre- and post-issue pattern showing an increase in public shareholding after the warrants are allotted. For instance, the Promoter group’s shareholding will remain significant, but the public shareholding category is set to increase, especially in the institutional and foreign investor segments.

3. Promoter Contributions:

   • The corrigendum highlights that Vidur Gupta (Managing Director) and Sidharth Agarwal (Whole-time Director and CFO) will be subscribing to the preferential issue, committing to subscribe to up to 3,75,000 fully convertible warrants each. This ensures transparency about the promoters' direct involvement in the preferential allotment.

4. Disclosure of Interest:

   • The corrigendum includes a revised disclosure on the directors' and key managerial personnel's involvement. It now specifies that both Vidur Gupta and Sidharth Agarwal, being part of the promoter group, may be considered interested or concerned in the resolution due to their proposed subscription to the preferential issue.

The corrigendum emphasizes that all other details of the EGM notice, apart from these changes, remain unchanged. The company is committed to adhering to SEBI’s guidelines under the Listing Obligations and Disclosure Requirements (LODR) regulations.

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The company has also made arrangements for electronic voting (e-voting) for shareholders. Voting will be available from December 3, 2024, to December 5, 2024, with the EGM itself taking place on December 6, 2024. Shareholders are encouraged to cast their votes electronically, taking the corrigendum into account along with the original EGM notice.

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