Selan Exploration Technology Limited has informed the Exchange regarding 'Intimation of withdrawal of ongoing Postal Ballot process'.
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Selan Exploration Technology Limited has withdrawn its ongoing postal ballot process that was originally initiated on May 9, 2025. The postal ballot sought shareholder approval for two key items: increasing the company's borrowing limit to up to ₹500 Crores under Section 180(1)(c) of the Companies Act, 2013, and creating charges, mortgages, and security interests on the company's movable and immovable properties under Section 180(1)(a). The Board of Directors approved the withdrawal after due deliberation, stating it was done to align with the company's growth-oriented strategic priorities and to enhance shareholder value. The electronic voting process (EVEN 133978) stands cancelled with immediate effect. The company has reassured shareholders that the withdrawal will not affect its growth plans.
The withdrawal of the ₹500 Crore borrowing limit proposal removes near-term uncertainty around the company's debt expansion plans. For shareholders, this is broadly neutral — the company retains flexibility to revisit the proposal later but is currently choosing not to seek additional borrowing headroom, which could signal caution on leverage or a shift in capital strategy.