Bannari Amman Spinning Mills Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot
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Awaiting price reaction for this filing.
Bannari Amman Spinning Mills Limited has filed the scrutinizer's report for a postal ballot conducted via remote e-voting, with voting closing on 31st July 2025. Members approved a special resolution to issue warrants convertible into equity shares to the promoter and promoter group on a preferential basis. The resolution passed with overwhelming support — 99.97% of votes polled were in favour (3,96,71,523 votes) versus only 0.03% against (13,863 votes). Total voting turnout was 49.66% of the outstanding 7,99,21,375 shares, with the promoter group (holding about 3.96 crore shares, or roughly 49.55% of the company) voting entirely in favour. Out of 25,683 shareholders on the record date (30 June 2025), 100 shareholders participated in the e-voting process.
The approval clears the way for the company to issue convertible warrants to promoters, which when eventually converted could dilute the public shareholders' stake from the current ~50.5% level. While the near-unanimous vote reflects strong shareholder confidence in the promoter group's intent, retail investors should watch for the final issue price and terms of conversion, as this is essentially a related-party preferential allotment.