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Wakefit Approves Capital Reclassification and 30% Promoter Upside Sharing Arrangement

Wakefit Innovations Limited has approved a major reclassification of its authorized share capital, converting all preference shares into 53.93 crore equity shares of ₹1 each. The board also cleared an 'upside arrangement' where promoters will receive 30% of exit proceeds from specific institutional investors if those investors achieve returns exceeding a 30% IRR or 2.5x their investment. Additionally, the company formalized director nomination rights, granting promoters three board seats and one seat each to Peak XV and Elevation Capital. These structural and governance changes are subject to upcoming shareholder approval via postal ballot.