The proposal in brief. Infobay AI Limited, the company formerly known as EduGorilla Community Private Limited, has called an Extraordinary General Meeting (EGM) for Friday, 20 November 2026. Shareholders will vote on a proposal to issue up to 3,660 Series B preference shares (CCPS) and 50 equity shares at Rs 4,02,155 each, for up to Rs 1,49,19,95,050 (about Rs 149.20 crore). This is a proposal. Members’ approval is still required before the proposed issue can proceed. The notice does not announce an IPO or listing.
Infobay AI Series B issue price and proposed fundraising
| Item | What the notice says |
|---|---|
| Securities | Up to 3,660 Series B Compulsorily Convertible Cumulative Preference Shares (CCPS) and 50 equity shares |
| Price | Rs 4,02,155 per security (face value Rs 10 plus premium Rs 4,02,145), paid in cash |
| Amount | CCPS Rs 1,47,18,87,300; equity Rs 2,01,07,750; total Rs 1,49,19,95,050 |
| How | Preferential allotment on a private placement basis; special resolution needed |
| Proposed allottees | 22 named investors |
| Purpose given | Strengthen the capital base, fund business growth including product development, technology and talent, and general corporate needs |
| Change in control | The notice says there is none |
| Promoters, directors, key managers subscribing | The notice says none intend to |
| Security | Maximum quantity | Issue price each | Maximum proceeds |
|---|---|---|---|
| Series B CCPS | 3,660 | Rs 4,02,155 | Rs 147.18873 crore |
| Equity | 50 | Rs 4,02,155 | Rs 2.010775 crore |
| Combined proposal | 3,710 | Rs 4,02,155 | Rs 149.199505 crore |
Calculated from the quantities and price in the supplied package. These are proposed proceeds, not funds confirmed as received.
Who is proposed to invest
The notice lists 22 proposed allottees. Among the institutions and entities named are SilverX Fund I (a Category II AIF), LC Nueva Advisors LLP, The Argan Fund I – Scheme I (a Category II AIF), and Bajaj Finance Limited. Bajaj Finance is proposed to receive 373 Series B CCPS for about Rs 15.00 crore, which the notice puts at about 1.26% of the post-issue capital. The rest of the list is made up of other companies and individual investors.
Earlier this financial year, the notice also records that the company had already made preferential allotments of 1,094 securities (equity shares and Series B CCPS) to four persons, including Silveranchor AI LLP, at the same Rs 4,02,155, totalling about Rs 44 crore (Rs 43,99,57,570). The notice does not give the allotment date.
Infobay AI shareholding: dilution before and after the issue
| Category (fully diluted) | Before | After the proposed issue |
|---|---|---|
| Promoters and promoter group | 14,854 shares, 57.22% | 14,854 shares, 50.06% |
| Indian public | 9,339 shares, 35.97% | 12,204 shares, 41.13% |
| Other categories (calculated balance) | 1,767 shares, about 6.81% | 2,612 shares, about 8.80% |
| Total | 25,960 shares, 100% | 29,670 shares, 100% |
The 25,960 "before" figure already includes the 1,094 securities allotted earlier; 25,960 + 3,710 new securities = 29,670. The notice says converting the 3,660 CCPS would be about 12.34% of the post-issue fully diluted capital. If you count all 3,710 securities, including the 50 equity shares, it is 12.50%. Both are the same proposal described two ways.
What is a Series B CCPS?
CCPS stands for Compulsorily Convertible Cumulative Preference Shares. Based on the notice (Annexure 1):
Each Series B CCPS converts into one equity share, at no further payment.
Conversion happens at the holder's option, on a defined liquidation event, before filing a red herring prospectus if the company goes for an IPO, or one day before 20 years from allotment, whichever is earliest.
The preferential dividend is 0.01% a year of the subscription amount, payable when the company declares a dividend.
It carries a liquidation preference and "valuation protection". The notice says the details are in the shareholders' agreement and the Articles of Association, which are not part of the notice.
Because the supplied notice summary does not include those separate documents, a Series B CCPS holder's rights can differ from those of an ordinary equity holder.
Infobay AI valuation: DCF value versus proposed issue price
The notice says the price is based on a valuation report by a registered valuer, CA Gaurang Agarwal (IBBI registered valuer), dated 20 August 2026, with a valuation date of 10 August 2026. The valuer used the discounted cash flow (DCF) method. The summary table in the report (Annexure 2) shows:
| Step | Figure in the report |
|---|---|
| Enterprise value | Rs 1,302.47 crore |
| Equity value (after adding cash and fixed deposits) | Rs 1,361.06 crore |
| Discount for lack of marketability (DLOM) | Rs 361.06 crore |
| Adjusted equity value | Rs 1,000.00 crore |
| Total diluted shares | 24,866 |
| Share price | Rs 4,02,155 |
| 10% buffer ("discount for proposed transaction") | Rs 40,215.50 |
| Final share price after buffer | Rs 3,61,939.50 |
Our reading, which is an observation and not a statement by the company: the proposed issue price equals the valuer's share price before the 10% buffer. The report's final figure after the buffer is Rs 3,61,939.50.
Management forecasts used in the valuation
These figures are projections in the supplied valuation summary, not reported financial results. The valuer relied on client information without audit or verification.
| Financial year | Forecast revenue | Forecast profit after tax |
|---|---|---|
| FY27 | 158.21 | 49.99 |
| FY28 | 531.60 | 59.62 |
| FY29 | 983.46 | 195.12 |
| FY30 | 1,622.70 | 522.16 |
The DCF assumes a 32.10% cost of equity and 2% terminal growth. Changes in growth, profitability or discount rates can materially change its output.
| Basis | Fully diluted shares | Calculated equity value |
|---|---|---|
| Before proposed issue | 25,960 | About Rs 1,044 crore |
| After proposed issue | 29,670 | About Rs 1,193 crore |
UnlistedHub arithmetic, not a company-stated valuation or a market quote. The DCF uses a different share-count date.
Is Rs 4,02,155 the Infobay AI unlisted share price?
The figure belongs to this proposed primary issue. A secondary-market quote relates to a particular buyer, seller, date and security. Preference rights can also make CCPS economically different from ordinary equity. Do not substitute one price for the other.
What remains unconfirmed
It does not mention an IPO, a DRHP, a listing, or any listing date. The only IPO reference is a conversion term: CCPS convert before an RHP is filed if the company goes public.
It does not say how the Rs 149 crore will be split between the uses listed.
It does not include actual financial statements. Read the company's annual report for those.
It does not tell you what price any buyer or seller will accept in the unlisted market. An issue price set for a fundraising is not the same as a dealer quote or a trade price.
Risks and limits
The proposal needs members' approval on 20 Nov 2026. Until then it is only proposed.
Allotment, and the filing of the related forms with the Registrar of Companies, come after the vote.
Unlisted securities are illiquid. Prices are indicative and can change. You can lose the whole of your capital.
The supplied editorial package references a third-party-hosted notice. Confirm its contents with the company before relying on the proposal.
A short checklist before you rely on any Infobay AI number
1. Which price is it: issue price, valuation, or dealer quote?
2. Which security: equity share, CCPS, or ESOP?
3. Which date: valuation date, notice date, or allotment date?
4. Is it an actual result or a forecast?
5. Where can you verify it? Our guide: Unlisted share price checklist. Before any transfer, see Unlisted shares: documents to check before a transfer.
Frequently asked questions
Is Infobay AI planning an IPO? The EGM notice does not say so. It only says the CCPS convert before an RHP is filed if the company does an IPO. The supplied package does not establish a DRHP filing.
Has the Rs 149 crore been raised? No. It is a proposal to be voted on at the 20 Nov 2026 EGM. A smaller amount of about Rs 44 crore was already allotted earlier this financial year, according to the notice.
Is Rs 4,02,155 the price I can buy or sell at? No. It is the proposed issue price for this fundraising. Any dealer quote or trade price in the unlisted market is separate and can differ.
What is the Infobay AI valuation? The notice and valuation report give a share price, not a headline valuation. The report shows an adjusted equity value of Rs 1,000 crore at 24,866 diluted shares, and our arithmetic puts the post-issue value at the issue price near Rs 1,193 crore. Both depend on the forecasts and share counts above.
What was Infobay AI earlier called? Infobay AI Limited was formerly Infobay AI Private Limited and earlier EduGorilla Community Private Limited.
Sources and verification limits
Supplied editorial package references Infobay AI Limited's EGM notice dated 29 October 2026, Annexure 1 (CCPS terms), Annexure 2 (valuation report dated 20 August 2026) and Annual Report FY26. The underlying documents have not been independently authenticated. Confirm their contents with the company before relying on them.
General educational information, not investment, legal or tax advice or a recommendation to buy, sell, hold or vote. UnlistedHub is a brand of Geincept Private Limited and acts as a dealer in unlisted securities. We are not a stock exchange, SEBI-registered stock broker, investment adviser or research analyst. Unlisted securities are illiquid and can lose all their value.