Corrigendum Notice of the Extra Ordinary General Meeting
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Baroda Extrusion Ltd has issued a corrigendum to its earlier EGM notice (dated 2 April 2025) ahead of the EGM scheduled for 2 May 2025. The corrigendum revises Resolution No. 8 and related Explanatory Statement items (8 and 9), primarily correcting the preferential allotment details for promoter and director Parasmal Kanugo, whose outstanding loan of Rs. 20.94 crore is being converted into 2,42,42,424 equity shares worth Rs. 20 crore, leaving Rs. 94.60 lakh as residual loan. The shareholding pattern table (pre and post issue) has also been updated, showing the company's share count rising from 14.90 crore to 19.44 crore equity shares. Promoter group holding will marginally dip from 55.39% to 54.94%, while the promoter-director's individual stake rises from 4.73% to 16.10%. The EGM will seek shareholder approval for this preferential issue.
Existing public shareholders will see their ownership diluted as total share count increases by roughly 30% through this preferential allotment. The conversion of the promoter's loan into equity strengthens the balance sheet by reducing debt, but also significantly consolidates the promoter's personal stake in the company.