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Lloyds Enterprises Subsidiary to Acquire Remaining 12% Stake in TIPL for Rs 22.70 Cr
Lloyds Engineering Works Limited (LEWL), a material subsidiary of Lloyds Enterprises, is acquiring the remaining 12% stake in Techno Industries Private Limited (TIPL) for a cash consideration of Rs 22.70 crore. This acquisition of 14,99,999 shares will make TIPL a wholly-owned subsidiary of LEWL and a step-down subsidiary of the company. TIPL is a revenue-generating entity with a turnover of Rs 155.04 crore in FY 2024-25, specializing in pumps, motors, and elevators. The move is strategic, aimed at expanding the group's electrical engineering product portfolio and consolidating ownership.
Key Highlights
Acquisition of 12% stake in TIPL for a cash consideration of Rs 22.70 crore
TIPL's turnover stood at Rs 155.04 crore for FY25 and Rs 167.56 crore for FY24
TIPL will become a 100% wholly-owned subsidiary of LEWL within one month
Strategic entry into manufacturing and marketing of pumps, motors, and elevators
Transaction is conducted at arm's length as a related party transaction
💼 Action for Investors
The full acquisition of TIPL strengthens the subsidiary's portfolio and simplifies the corporate ownership structure. Investors should monitor how this integration contributes to the consolidated bottom line and margins in the upcoming quarters.
SSWL to Invest ₹420 Crore for New Alloy Wheels and Aluminum Knuckle Units in Gujarat
Steel Strips Wheels Limited (SSWL) has approved a significant expansion plan involving a total capital expenditure of ₹420 crore at a leased site in Bhuj, Gujarat. The company will set up a new Alloy Wheels unit with a capacity of 1.2 million units per annum (₹300 crore capex) and an Aluminum Steering Knuckle unit with a capacity of 0.6 million units per annum (₹120 crore capex). These facilities are expected to be operational by Q4 FY 2026-27 and will be built on land leased from its subsidiary, AMW Autocomponent Limited, at a monthly rent of ₹45 lakhs. The expansion aims to tap into the growing demand for lightweight automotive components in both domestic and export markets.
Key Highlights
Approved ₹420 crore total capex for two new manufacturing units in Bhuj, Gujarat
New Alloy Wheels unit to have 1.2 million units per annum capacity with ₹300 crore investment
Aluminum Steering Knuckle unit to have 0.6 million units per annum capacity with ₹120 crore investment
Both projects are scheduled for completion by Q4 of FY 2026-27
Leased 2.88 lakh sq. mt. land from subsidiary AACL at a monthly rent of ₹45 lakhs
💼 Action for Investors
Investors should view this as a long-term growth driver that strengthens SSWL's position in the high-margin alloy wheels and lightweight components segment. Monitor the execution timeline and the impact of debt levels on the balance sheet during the construction phase.
Vikran Engineering Bags 45.75 MW Solar Project in Madhya Pradesh
Vikran Engineering Limited has accepted Letter of Awards (LOAs) from M.P. Urja Vikas Nigam Limited for the implementation of grid-connected solar PV power plants. The project has a total capacity of 45.75 MW AC and is located in the Vidisha District of Madhya Pradesh. Power will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL) at a tariff ranging from Rs. 2.75 to Rs. 2.80 per kWh. This long-term contract spans 25 years, ensuring a steady revenue stream for the company.
Key Highlights
Total project capacity of 45.75 MW AC under the PM KUSUM-C scheme
Secured power sale tariff between Rs. 2.75 per kWh and Rs. 2.80 per kWh
Long-term contract duration of 25 years providing high revenue visibility
Project awarded by M.P. Urja Vikas Nigam Limited for implementation in Vidisha District
💼 Action for Investors
Investors should monitor the company's execution timeline for these solar plants as they represent a significant long-term recurring revenue model beyond traditional EPC work.
FirstCry Restructures Hygiene Vertical; Increases Swara Baby Stake to 76.59% for ₹84.4 Cr
Brainbees Solutions (FirstCry) is consolidating its hygiene vertical by making Solis Hygiene a 100% subsidiary of Swara Baby Products. FirstCry's direct stake in Swara Baby will increase from 75.92% to 76.59% through a share swap valued at ₹84.40 Crore. Solis Hygiene, which contributed ₹240.7 Crore to FY25 revenue, will now be a step-down subsidiary. The company also appointed Mr. Mandar Joshi as the new Company Secretary and Compliance Officer following the resignation of Ms. Neha Surana.
Key Highlights
FirstCry's stake in Swara Baby increases to 76.59% via acquisition of 56.26 lakh shares
Solis Hygiene (FY25 turnover: ₹240.7 Cr) to become a 100% subsidiary of Swara Baby
Total cost of acquisition for the additional stake in Swara Baby is ₹84.40 Crore via share swap
Restructuring aims to bring the entire hygiene vertical under a single entity for better reporting
Change in KMP: Mr. Mandar Joshi replaces Ms. Neha Surana as Company Secretary effective Dec 27, 2025
💼 Action for Investors
The restructuring is an internal move to streamline the hygiene business and should be viewed as operationally positive but financially neutral in the short term. Investors should monitor the performance of the hygiene vertical post-consolidation for efficiency gains.
Tembo Global Industries Announces Merger with Tembo Global Infra; Swap Ratio 24.68:1
Tembo Global Industries has approved a Scheme of Amalgamation to merge Tembo Global Infra Limited into the company to consolidate operations and achieve economies of scale. The board has fixed a share exchange ratio of 24.6768 equity shares of the listed entity for every 1 share of the unlisted infra entity. Alongside the merger, the board approved increasing borrowing limits and a proposal for issuing Non-convertible Debentures (NCDs) to fuel future growth. This consolidation aims to simplify the corporate structure and eliminate potential conflicts of interest within the promoter group.
Key Highlights
Share swap ratio fixed at 24.6768 equity shares of TEMBO for every 1 share of Tembo Global Infra
Tembo Global Industries reported H1 FY26 revenue of ₹454.48 crore and a net worth of ₹232.47 crore
Tembo Global Infra (Transferor) has a net worth of ₹1.95 crore and H1 revenue of ₹7.50 crore
Board approved a proposal for the issuance of Non-convertible Debentures (NCDs) and increased borrowing powers
Appointment of Mr. Piyush Jashbhai Patel as Additional Non-Executive Director effective December 26, 2025
💼 Action for Investors
Investors should monitor the dilution effect of the high swap ratio against the relatively small revenue contribution of the infra entity. While the consolidation is a long-term positive for operational synergy, the NCD issuance proposal suggests a shift toward debt-funded expansion.
Protean Acquires 4.95% Stake in NSDL Payments Bank for INR 30.2 Crores
Protean eGov Technologies has acquired a 4.95% strategic equity stake in NSDL Payments Bank for approximately INR 30.2 crores, funded via internal accruals. The partnership aims to leverage the bank's base of over 3 million active customers to co-create and certify digital banking technologies. Protean intends to integrate its identity, KYC, and reg-tech stacks into a live regulated environment to build scalable solutions. This move is expected to strengthen Protean's data stack business and expand its distribution reach for MSME credit and pension services.
Key Highlights
Acquisition of 4.95% equity stake in NSDL Payments Bank for a total consideration of INR 30.2 crores.
NSDL Payments Bank reported over 3 million active customers as of September 2025.
Investment is funded entirely through internal accruals with no immediate plans to increase the stake further.
Strategic focus on co-creating a full-stack digital banking suite including API banking, eSign, and AI-based lending tools.
Synergies identified in expanding assisted distribution networks for citizen-centric services like MSME credit and pensions.
💼 Action for Investors
Investors should view this as a strategic entry into the banking technology ecosystem that provides a regulated sandbox for Protean's fintech products. Monitor the 'Data Stack' and 'API Banking' revenue segments over the next few quarters for signs of successful integration and scaling.
Lenskart Expands to UK with New Step-Down Subsidiary Stellio Ventures UK LTD
Lenskart Solutions Limited has announced the incorporation of a new step-down subsidiary, Stellio Ventures UK LTD, in the United Kingdom. The entity is being established through Lenskart's subsidiary, Stellio Ventures, S.L., to operate retail stores for the 'Meller' eyewear brand. Lenskart will indirectly hold an 84.21% stake in the new UK-based entity. While the initial subscription cost is a nominal GBP 100, this move marks a strategic push into the European retail market.
Key Highlights
Incorporation of Stellio Ventures UK LTD as a step-down subsidiary in the United Kingdom
Lenskart to maintain an 84.21% indirect shareholding in the new entity
Objective is to establish retail stores for the 'Meller' brand eyewear and accessories
Initial investment for share subscription is GBP 100 with further funding to be approved by the board
💼 Action for Investors
Investors should view this as a positive step toward international diversification and monitor the brand's performance in the UK retail market. The success of the 'Meller' brand rollout will be a key metric for Lenskart's global growth strategy.
Concord Enviro Systems CFO Sudarshan Kamath to Retire Effective January 2, 2026
Concord Enviro Systems Limited has announced that its Chief Financial Officer, Mr. Sudarshan Kamath, will retire from his position effective January 02, 2026. Consequently, he will also cease to be a Key Managerial Personnel (KMP) of the company from that date. The company has formally acknowledged his contributions during his tenure in its regulatory filing. Investors should watch for the announcement of a successor to ensure a smooth transition in the company's financial leadership.
Key Highlights
Mr. Sudarshan Kamath to retire as CFO effective close of business on January 02, 2026
Kamath will cease to be a Key Managerial Personnel (KMP) starting January 03, 2026
The announcement was made on December 26, 2025, providing a lead time for transition
The company has not yet announced a replacement for the outgoing CFO
💼 Action for Investors
Monitor upcoming company disclosures for the appointment of a new CFO to ensure leadership continuity. No immediate portfolio action is required as this appears to be a routine retirement.
Amara Raja Shareholders Approve ESOS 2025 and Trust-Based Share Acquisition
Amara Raja Energy & Mobility Limited has received shareholder approval for its new Employee Stock Option Scheme (ESOS) 2025 via a postal ballot. All four special resolutions, including the grant of options to subsidiary employees and the secondary acquisition of shares through a Trust route, were passed with a requisite majority. While the overall approval rate was approximately 88.45%, there was notable institutional dissent with about 23.7% of institutional votes cast against the resolutions. This move is intended to enhance employee retention and align their interests with the company's long-term growth.
Key Highlights
All 4 special resolutions passed with over 88.4% majority on December 25, 2025.
Total votes polled amounted to 12.03 crore, representing 65.74% of the total share capital.
Institutional investors cast 1.38 crore votes (23.7%) against the ESOS 2025 proposal.
The company is now authorized to provide funds to the ESOS Trust for secondary market share purchases.
The scheme extends to employees of unlisted subsidiaries both within and outside India.
💼 Action for Investors
Investors should monitor the financial impact of the funding provided to the ESOS Trust and the potential for minor equity dilution. The significant institutional dissent warrants a closer look at the specific terms of the ESOP scheme in the annual report.
Natural Capsules Receives Temporary Closure Order for Pondicherry Plant
Natural Capsules Limited has been directed by the Department of Drug Controller to temporarily cease operations at its Pondicherry manufacturing plant as of December 26, 2025. The regulatory action was triggered by the company supplying material to a customer whose drug license had expired. While the company has initiated corrective actions and is seeking revocation of the order, the immediate halt in production poses an operational risk. The management is currently assessing the specific financial impact resulting from this shutdown.
Key Highlights
Department of Drug Controller ordered temporary closure of the Pondicherry plant on December 26, 2025
The regulatory violation involved supplying materials to a client with an expired drug license
Company has initiated corrective measures and is preparing documents for revocation of the order
Total financial impact of the operational halt is yet to be quantified by the management
💼 Action for Investors
Investors should remain cautious and monitor the company's updates regarding the restart of the Pondicherry plant. Any prolonged closure could significantly impact the upcoming quarterly production volumes and revenue.
Axis Bank Updates Global Medium Term Notes Programme for ₹35,000 Crore Debt Raise
Axis Bank has updated its Offering Circular for its Global Medium Term Notes (GMTN) programme across international exchanges including SGX, India INX, and NSE IX. This update follows the prior board and shareholder approval to raise up to ₹35,000 crore through various debt instruments in domestic and overseas markets. The bank may issue Additional Tier 1 (AT1) notes, green bonds, or other debt securities in foreign or Indian currency based on market conditions. This procedural step enables the bank to efficiently access global capital to strengthen its capital base and fund growth.
Key Highlights
Updated Offering Circular for the Global Medium Term Notes (GMTN) programme dated December 26, 2025.
Follows shareholder approval to raise up to ₹35,000 crore via debt instruments in one or more tranches.
Scope includes AT1 bonds, Tier II capital, infrastructure bonds, and sustainable/ESG bonds.
Filings completed with India International Exchange (IFSC), NSE IFSC, and Singapore Exchange (SGX).
💼 Action for Investors
This is a procedural update to facilitate future capital raising; investors should monitor the actual issuance of bonds and the resulting impact on interest margins and capital adequacy.
Prabha Energy to Raise ₹190 Crore via Rights Issue; Appoints New Managing Director
Prabha Energy Limited has approved a significant fundraise of up to ₹19,000 Lakhs (₹190 Crores) through a rights issue of equity shares to existing shareholders. Alongside this capital raise, the company announced a leadership transition where Mr. Shanil Paras Savla will take over as Managing Director effective January 1, 2026. The outgoing Managing Director, Mr. Shail Manoj Savla, is resigning due to personal reasons effective December 31, 2025. A dedicated Rights Issue Committee has been formed to finalize the pricing, entitlement ratio, and record date for the upcoming issue.
Key Highlights
Board approved raising funds up to ₹19,000 Lakhs (₹190 Crores) via a Rights Issue of equity shares.
Mr. Shanil Paras Savla appointed as Managing Director for a 3-year term starting January 1, 2026.
Outgoing MD Mr. Shail Manoj Savla to step down on December 31, 2025, citing personal reasons.
Rights Issue Committee constituted to determine the issue price, ratio, and record date in due course.
New MD Shanil Paras Savla brings over 5 years of experience in the Oil and Gas industry with an MBA from the USA.
💼 Action for Investors
Investors should wait for the announcement of the rights issue price and entitlement ratio to evaluate the potential dilution and the attractiveness of the offer. The leadership transition should be monitored to ensure continuity in the company's strategic and operational execution.
Prabha Energy to Raise ₹190 Crore via Rights Issue; Appoints New Managing Director
Prabha Energy Limited has approved a significant fundraise of up to ₹190 crore through a Rights Issue of equity shares with a face value of ₹1 each. Alongside the capital raise, the company announced a leadership transition where Mr. Shanil Paras Savla will take over as Managing Director effective January 1, 2026. This follows the resignation of the current MD, Mr. Shail Manoj Savla, who is stepping down for personal reasons. A dedicated Rights Issue Committee has been formed to finalize the pricing, entitlement ratio, and record date for the issuance.
Key Highlights
Approved fundraise of up to ₹19,000 Lakhs (₹190 Crores) via a Rights Issue of equity shares.
Appointment of Mr. Shanil Paras Savla as Managing Director for a 3-year term starting January 1, 2026.
Resignation of current Managing Director Mr. Shail Manoj Savla effective December 31, 2025.
Formation of a Rights Issue Committee to determine the issue price, entitlement ratio, and record date.
New MD Shanil Paras Savla brings 5 years of experience in the Oil and Gas industry and an MBA from the USA.
💼 Action for Investors
Investors should wait for the announcement of the Rights Issue price and entitlement ratio to assess the potential dilution and the attractiveness of the offer. Additionally, monitor the new Managing Director's strategic vision for the utilization of the ₹190 crore capital.
Tembo Global Industries Announces Merger with Tembo Global Infra; Share Ratio 24.68:1
Tembo Global Industries has approved a scheme of amalgamation with Tembo Global Infra Limited to consolidate operations and achieve economies of scale. The share exchange ratio is set at 24.6768 shares of the listed entity for every 1 share of the unlisted infra entity. Additionally, the board has approved increasing borrowing limits, issuing Non-convertible Debentures (NCDs), and appointed Mr. Piyush Jashbhai Patel as a Non-Executive Director. This consolidation aims to simplify the corporate structure and eliminate potential conflicts of interest within the promoter group.
Key Highlights
Approved merger with Tembo Global Infra Limited with a share exchange ratio of 24.6768:1
Tembo Global Industries reported revenue of ₹45,448.21 Lakhs and net worth of ₹23,247.19 Lakhs as of Sept 30, 2025
Board discussed a proposal for the issuance of Non-convertible Debentures (NCDs) for fundraising
Mr. Piyush Jashbhai Patel appointed as Non-Executive Director following the resignation of Mr. Firdose Vandrevala
Amendment to MOA Object Clause approved to allow providing corporate guarantees and securities
💼 Action for Investors
Investors should evaluate the valuation report for the high swap ratio and monitor the impact of the merger on the company's consolidated EPS. The expansion of borrowing powers and NCD proposal indicates a push for capital-intensive growth or debt restructuring.
Prabha Energy to Raise ₹190 Cr via Rights Issue; Appoints New Managing Director
Prabha Energy Limited has approved a significant fundraise of up to ₹19,000 Lakhs (₹190 Crores) through a Rights Issue of equity shares. In a major leadership shift, Mr. Shanil Paras Savla has been appointed as the new Managing Director for a three-year term effective January 1, 2026. This follows the resignation of the current MD, Mr. Shail Manoj Savla, who is stepping down due to personal reasons. The company has constituted a Rights Issue Committee to finalize the specific terms, including the issue price and entitlement ratio.
Key Highlights
Board approved raising up to ₹19,000 Lakhs (₹190 Crores) via a Rights Issue of equity shares.
Mr. Shanil Paras Savla appointed as Managing Director for 3 years starting January 1, 2026.
Outgoing MD Mr. Shail Manoj Savla to resign effective December 31, 2025, citing personal reasons.
Rights Issue Committee formed to determine the entitlement ratio, record date, and issue price.
New MD brings over 5 years of experience in the Oil and Gas industry with an MBA from the USA.
💼 Action for Investors
Investors should wait for the announcement of the Rights Issue price and ratio to evaluate the extent of equity dilution. Monitor the new Managing Director's strategic direction for the company's Oil and Gas projects following the ₹190 Crore capital infusion.
Prabha Energy to Raise ₹190 Crore via Rights Issue; Appoints Shanil Paras Savla as New MD
Prabha Energy's Board has approved a significant fundraise of up to ₹19,000 Lakhs (₹190 Crores) through a rights issue of equity shares to its existing shareholders. In a major leadership transition, Mr. Shanil Paras Savla has been appointed as the new Managing Director for a three-year term effective January 1, 2026. This follows the resignation of the current MD, Mr. Shail Manoj Savla, who is stepping down due to personal reasons and time constraints. The company has constituted a Rights Issue Committee to finalize the specific terms, including the issue price and entitlement ratio.
Key Highlights
Approved raising up to ₹19,000 Lakhs (₹190 Crores) through a Rights Issue of equity shares.
Mr. Shanil Paras Savla appointed as Managing Director for a 3-year term starting January 1, 2026.
Current Managing Director Mr. Shail Manoj Savla to resign effective December 31, 2025.
A Rights Issue Committee has been formed to determine the issue price, ratio, and record date.
The incoming MD brings over 5 years of experience in the Oil and Gas industry with an MBA from the USA.
💼 Action for Investors
Investors should monitor the upcoming announcement regarding the rights issue price and ratio to evaluate the potential dilution and valuation. The leadership change to a younger executive with industry-specific education suggests a potential shift in long-term strategy.
Prabha Energy to Raise ₹190 Crore via Rights Issue; Appoints New Managing Director
Prabha Energy Limited has approved a significant fundraise of up to ₹19,000 Lakhs (₹190 Crores) through a rights issue of equity shares. In a major leadership transition, Mr. Shanil Paras Savla has been appointed as the new Managing Director for a three-year term starting January 1, 2026. This follows the resignation of the current MD, Mr. Shail Manoj Savla, effective December 31, 2025. The company has formed a dedicated committee to finalize the rights issue terms, including the price and entitlement ratio.
Key Highlights
Board approved fundraising of up to ₹19,000 Lakhs through a Rights Issue of equity shares.
Mr. Shanil Paras Savla appointed as Managing Director for 3 years effective January 1, 2026.
Current MD Mr. Shail Manoj Savla resigned effective December 31, 2025, due to personal reasons.
The new MD holds an MBA from the USA and has over 5 years of experience in the Oil and Gas industry.
A Rights Issue Committee has been constituted to determine the final issue price, ratio, and record date.
💼 Action for Investors
Investors should monitor the upcoming announcement of the rights issue price and entitlement ratio to evaluate potential equity dilution. The leadership change to a younger MD with international experience should be watched for any shifts in the company's strategic direction.
Prabha Energy to Raise ₹190 Crore via Rights Issue; Shanil Paras Savla Appointed as New MD
Prabha Energy Limited has approved a significant fundraise of up to ₹19,000 Lakhs (₹190 Crores) through a Rights Issue to existing shareholders. Alongside this capital raise, the company announced a leadership transition where Mr. Shail Manoj Savla will resign as Managing Director effective December 31, 2025. He will be succeeded by Mr. Shanil Paras Savla, who has been appointed as the Managing Director for a three-year term starting January 1, 2026. A Rights Issue Committee has been established to finalize the specific terms, including the pricing and entitlement ratio.
Key Highlights
Approved raising up to ₹19,000 Lakhs (₹190 Crores) through the issuance of equity shares on a rights basis.
Mr. Shail Manoj Savla resigns as Managing Director effective December 31, 2025, citing personal reasons.
Mr. Shanil Paras Savla appointed as Managing Director for a 3-year term starting January 1, 2026.
The Rights Issue Committee will determine the final issue price, rights entitlement ratio, and record date.
Incoming MD Shanil Paras Savla brings 5 years of experience in the Oil and Gas industry and holds an MBA from the USA.
💼 Action for Investors
Investors should monitor the upcoming announcement regarding the Rights Issue price and ratio to evaluate the potential for dilution. The management change indicates a generational shift that could influence the company's long-term strategic direction.
Tembo Global Industries Approves Merger with Tembo Global Infra; Share Swap Ratio 24.68:1
Tembo Global Industries Limited has approved a scheme of amalgamation with Tembo Global Infra Limited to consolidate operations and achieve economies of scale. The board has fixed a share exchange ratio of 24.6768 equity shares of the listed entity for every 1 share of the infra entity. Additionally, the company is seeking to increase borrowing powers, issue Non-convertible Debentures (NCDs), and has appointed Mr. Piyush Jashbhai Patel as a director. These structural changes aim to simplify the corporate hierarchy and enhance the combined entity's financial strength.
Key Highlights
Approved merger with Tembo Global Infra Limited with a share swap ratio of 24.6768:1.
Tembo Global Industries reported a net worth of ₹23,247.19 lakhs and revenue of ₹45,448.21 lakhs as of Sept 2025.
Tembo Global Infra reported a net worth of ₹195.03 lakhs and revenue of ₹750.50 lakhs for the same period.
Board discussed a proposal for the issuance of Non-convertible Debentures (NCDs) to support growth.
Appointment of Mr. Piyush Jashbhai Patel as Additional Non-Executive Director and resignation of Mr. Firdose Vandrevala.
💼 Action for Investors
Investors should monitor the upcoming Extraordinary General Meeting (EOGM) for final approvals on the merger and NCD issuance. While the consolidation is operationally positive, the impact of equity dilution from the high swap ratio should be evaluated against projected synergy benefits.
Tembo Global Industries Approves Merger with Tembo Global Infra; Share Swap Ratio Set at 24.68:1
Tembo Global Industries Limited has approved a Scheme of Amalgamation with Tembo Global Infra Limited to consolidate operations and achieve economies of scale. The board has fixed a share exchange ratio of 24.6768 equity shares of the listed entity for every 1 share of the infra entity. Additionally, the company is seeking to increase borrowing powers and is considering a fundraise through Non-convertible Debentures (NCDs). As of September 30, 2025, the listed entity reported a revenue of ₹454.48 crore and a net worth of ₹232.47 crore.
Key Highlights
Approved merger with Tembo Global Infra Limited with a share exchange ratio of 24.6768:1.
Tembo Global Industries reported H1 FY26 revenue of ₹454.48 crore and net worth of ₹232.47 crore.
Board discussed a proposal for the issuance of Non-convertible Debentures (NCDs) for future funding needs.
Amendment to the Memorandum of Association (MOA) to allow providing corporate guarantees and sureties.
Appointment of Mr. Piyush Jashbhai Patel as Additional Non-Executive Director following the resignation of Mr. Firdose Vandrevala.
💼 Action for Investors
Investors should evaluate the valuation report and the potential equity dilution resulting from the high share swap ratio. The consolidation is expected to improve operational efficiency and simplify the corporate structure, but shareholder approval at the upcoming EOGM remains a key milestone.