Newspaper advertisements publishing the corrigendum to the notice of Extra-ordinary dated 24.07.2025 scheduled to be held on Wednesday, 20th August, 2025 at 11:30 A.M. (IST)
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Axel Polymers has published a corrigendum to its Extra-ordinary General Meeting (EGM) notice dated 24 July 2025, with the EGM scheduled for 20 August 2025 at 11:30 AM via video conferencing. The corrigendum, published on 14 August 2025 in Business Standard and Loksatta, amends and adds details to the original EGM notice regarding a proposed preferential issue of ₹12.73 crore. The disclosed use of funds is: up to 60% for working capital (raw materials, payables, operations, debt repayment), up to 20% for general corporate purposes, and up to 20% for plant upgrades and infrastructure. The corrigendum also updates the pre- and post-issue shareholding pattern (promoter group falling from 61.16% to 45.91%, with public rising from 38.84% to 54.09%) and lists 57 proposed allottees along with their ultimate beneficial owners.
Shareholders should review the corrigendum carefully before the 20 August EGM, as it specifies how the ₹12.73 crore being raised will be deployed and dilutes promoter holding to below the majority threshold. The expanded list of allottees and detailed fund usage may influence voting decisions at the EGM.