The problem herein isn’t with the company, thay have the authority to issue shares at any suitable price which is acceptable to both the parties & raises the capital required.
But the real culprits are the unlisted platforms that are quoting crazy spreads. A basic test that I follow when dealing with these platforms is asking for both way spreads, i.e., at what price will they buy my existing shares. This has saved me from a very popular platform (rhymes with twisted cone) when dealing with Waaree shares. Either the platform will not quote the other side, or quote a crazy spread.
Here’s the fundraise doc for those asking
Vikram-Solar-Ltd-EGM-Notice-23.05.2024.pdf (218.9 KB)
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