Notice of Extra ordinary General meeting
Price
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Awaiting price reaction for this filing.
Befound Movement Limited (formerly Regency Trust Limited) has called an EGM on June 30, 2025, through video conferencing, with e-voting from June 27-29, 2025. Three special resolutions are on the table: (1) Issue of 2 crore convertible warrants at Re. 1 per warrant on a preferential basis to 16 non-promoter and KMP allottees, aggregating up to Rs. 2 crore, with Managing Director Rajesh Kapoor himself proposed to receive 10 lakh warrants. (2) Addition of a new main object clause covering furniture manufacturing, home improvement, interior/exterior décor, modular kitchens, and building materials business. (3) Appointment of Mr. Ganesh Badgujar (DIN: 11126746) as Non-Executive Independent Director for 5 years from May 27, 2025 to May 26, 2030. Results will be declared on July 1, 2025.
If approved, the company will raise up to Rs. 2 crore via convertible warrants, leading to dilution of existing shareholders upon conversion within 18 months. The shift in main object towards furniture and home improvement signals a possible change in business direction. Shareholders should review the warrant pricing (Re. 1) and the rationale for the new business line before voting.