FlySBS Aviation Limited has called for an Extraordinary General Meeting (EGM) to be held on Wednesday, March 5, 2025, at 11:30 a.m. The meeting will take place at the company’s registered office in Chennai, with an option to attend virtually through audio-visual means. The EGM agenda includes three major proposals that could shape the company's financial and operational strategies moving forward.  

1. Appointment of New Statutory Auditors  
The company plans to appoint M/s. A. John Moris & Co., Chartered Accountants, as its statutory auditors. This decision follows the resignation of the previous auditors, K E K & Associates. The proposed auditors, holding Firm Registration Number 007220S, will serve until the conclusion of the next Annual General Meeting (AGM). Their remuneration will be decided by the Board of Directors and the Audit Committee. This move is expected to ensure compliance and maintain robust financial reporting standards.  

2. Private Placement of Equity Shares  
A significant proposal on the agenda involves the approval for a private placement of 10,80,910 equity shares. These shares, valued at ₹220 each (₹10 face value with a premium of ₹210), are expected to raise ₹23.78 crore. The valuation was conducted by Nagalingam Muthiah, a certified valuation professional. The private placement will adhere to the provisions of the Companies Act, 2013, and other applicable regulations. The issuance will be in dematerialized form, with the shares ranking pari passu with existing equity shares.  

The proceeds are likely to support the company’s growth initiatives, while private investors will benefit from strategic entry into the company.  

3. Approval for Initial Public Offering (IPO)  
FlySBS is set to discuss and seek approval for an Initial Public Offering (IPO) of up to 46,50,000 equity shares. This fresh issue of shares is aimed at raising capital to strengthen the company’s market position and fund growth. The proposed shares, each with a face value of ₹10, will be listed on either the NSE EMERGE platform or BSE SME.  

The company plans to appoint a Book Running Lead Manager (BRLM) to oversee the IPO process, including setting the price band and issue price. Regulatory approvals from SEBI, RBI, and other authorities will be sought as necessary. FlySBS aims to finalize all documentation, engage intermediaries, and ensure compliance with SEBI ICDR and other applicable regulations.  

 4.Strategic Implications  
The proposed resolutions highlight FlySBS Aviation’s focus on strengthening its financial structure and exploring new growth opportunities. The appointment of new auditors ensures continuity in financial oversight, while the private placement and IPO signify the company's commitment to expanding its investor base and operational capacity.  

This EGM could mark a pivotal moment for FlySBS Aviation, positioning it for sustainable growth and enhanced market presence.