AvenuesAI Limited announced that its Rights Issue Committee has approved the conversion of 10,68,411 Partly Paid-up Equity Shares into Fully Paid-up Equity Shares following the receipt of the First and Final Call Money. Concurrently, the committee also approved the forfeiture of 69,43,139 Partly Paid-up Equity Shares due to non-payment of the First and Final Call Money, as of August 31, 2026. These actions stem from a rights issue conducted earlier.
AvenuesAI Approves Share Conversions and Forfeitures
AvenuesAI Limited, formerly known as Infibeam Avenues Limited, has announced key decisions made by its Rights Issue Committee on September 11, 2026. The committee has approved the conversion of a substantial number of Partly Paid-up Equity Shares into Fully Paid-up Equity Shares, alongside the forfeiture of other partly paid shares due to outstanding payments. This follows earlier intimations regarding the First and Final Call Money notice for the rights issue.
Conversion of Partly Paid-up Shares
In a significant move, the company is converting 10,68,411 Partly Paid-up Equity Shares into Fully Paid-up Equity Shares. This conversion is a direct result of the receipt of the First and Final Call Money payments. The reconciliation statement indicates that this is the latest tranche of conversions, bringing the total converted shares to 69,30,42,584 by virtue of payments received on different dates, including December 16, 2025, February 10, 2026, and March 13, 2026.
Forfeiture of Unpaid Shares
Further to the conversion, the company has also proceeded with the forfeiture of 69,43,139 Partly Paid-up Equity Shares. These shares became liable for forfeiture due to the non-payment of the First and Final Call Money by the stipulated deadline of August 31, 2026. The company had issued multiple reminders and notices, including a Last and Final Reminder-cum-Forfeiture Notice on August 11, 2026, to encourage payment before this action was taken. The forfeiture process adheres to the provisions of the Companies Act, 2013, the company’s Articles of Association, and the original Letter of Offer dated June 19, 2025.
Background of the Call Money
The First and Final Call Money was set at Rs. 5/- per Partly Paid-up Equity Share, comprising Rs. 0.50 towards face value and Rs. 4.50 towards securities premium. Various payment windows were provided starting from November 25, 2025, through subsequent reminder notices, culminating in the final window from August 17, 2026, to August 31, 2026. Despite these efforts, a significant number of shareholders failed to clear their dues.
Company Process
AvenuesAI Limited is now undertaking the necessary corporate actions to complete the conversion of the 10,68,411 shares and is seeking the required listing and trading approvals. The meeting of the Rights Issue Committee commenced at 05:00 p.m. and concluded at 05:50 p.m. on the announcement date.
Source: BSE
