NOTICE OF EXTRA ORDINARY GENERAL MEETING TO BE HELD ON 02-05-2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Baroda Extrusion has called an EGM on May 2, 2025 to seek shareholder approval for multiple items. These include regularization of Mr. Alpesh Kanugo as Whole Time Director for 5 years and re-appointment of three independent directors (Mr. Rikesh Shah, Mr. Yadunandan Patel, Ms. Rina Patel) for five-year terms starting February 2025. The company is also seeking approval to raise its borrowing limit from Rs. 50 crore to Rs. 100 crore, and to increase authorized share capital from Rs. 15 crore to Rs. 20 crore. A key proposal involves converting an existing unsecured loan of Rs. 20.94 crore from promoter and director Mr. Parasmal Kanugo into equity at Rs. 8.25 per share (2,42,42,424 shares). Additionally, 2,10,90,892 equity shares will be allotted to 35 non-promoter allottees at the same price via preferential allotment.
For shareholders, this EGM centres on a significant debt-to-equity conversion involving the promoter and a large preferential share issuance, which will dilute existing shareholders. The promoter loan conversion will strengthen his stake and improve the company's balance sheet by reducing liabilities, though it will substantially expand the equity base.