Bannari Amman Spinning Mills Limited has informed the Exchange Outcome of Postal Ballot.
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Bannari Amman Spinning Mills Limited announced that shareholders have approved, via postal ballot (e-voting), the issuance of warrants convertible into equity shares to the promoter and promoter group on a preferential basis through a special resolution. The voting closed on 31st July 2025, with 99.97% of valid votes cast in favor (39,671,523 shares in favor versus 13,863 against). Promoters holding 39,602,346 shares voted unanimously in favor, while among public non-institutional shareholders only 82,970 out of 40,318,731 shares (0.21% turnout) were voted, with 83.29% of those in favor. The resolution was a special resolution because the promoters are interested parties in the preferential allotment. The scrutinizer, R Dhanasekaran, Company Secretary in Practice, has certified the results.
This approval clears the way for the company to issue convertible warrants to the promoter group, which will result in equity dilution for existing public shareholders once the warrants are converted. The near-unanimous promoter support and broad approval suggest strong promoter confidence, but retail shareholders should watch for further announcements on issue price, number of warrants, and conversion terms.