Outcome of the Extra-Ordinary General Meeting of the Company held on Wednesday, April 09, 2025.
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Azad India Mobility Ltd (formerly Indian Bright Steel Co. Ltd) held an Extra-Ordinary General Meeting on April 9, 2025, in Mumbai, chaired by Managing Director Mr. Bupinder Singh Chadha. 57 shareholders attended in person or via proxies. The key resolution placed before shareholders was the raising of funds through the issue of equity shares on a preferential allotment basis to individual investors in the non-promoter, public category for cash. Remote e-voting was conducted from April 5 to April 8, 2025, with a Practicing Company Secretary acting as Scrutinizer. Poll papers were also used at the meeting for members present, and the combined results were to be announced within two working days and shared with stock exchanges.
The proposed preferential equity issue to public-category investors could dilute existing shareholders and bring fresh capital into the company. Investors should watch for the voting results announcement for confirmation of whether the fund-raising plan was approved.