Declaration of Voting Results of the Extra-ordinary General Meeting held on Wednesday, 20th August, 2025 pursuant to Regulation 44 of SEBI LODR.
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Axel Polymers Ltd held an Extra-ordinary General Meeting (EGM) on 20th August 2025 via video conferencing, lasting about 27 minutes (11:30 AM to 11:57 AM). The sole item on the agenda was a Special Resolution to approve the issue of equity shares through a preferential allotment on a private placement basis to a person belonging to the public category. Out of 8,516,680 outstanding shares, 5,238,090 votes (61.50%) were polled, with 5,238,089 votes (essentially 100%) cast in favour and only 1 vote against. Promoters voted unanimously in favour (4,948,685 out of 5,208,885 held, 95% polling), while public non-institutional shareholders also backed the resolution overwhelmingly (289,404 in favour vs 1 against). The Scrutinizer, CS Devesh Pathak, confirmed the resolution was passed with the requisite majority. The EGM saw participation from 11 promoter-group members and 34 public shareholders through VC.
The approved preferential issue will lead to dilution of existing shareholders' equity, as new shares will be issued to a public-category investor. With near-unanimous shareholder approval, the stock is unlikely to see negative pressure solely from this announcement, but investors should watch for further disclosures on the allotment price, identity of the allottee, and end-use of funds.