Notice of postal ballot dated 20th May 2025
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Coromandel Engineering Company has sent out a postal ballot notice to shareholders seeking approval for five items via remote e-voting (June 25 to July 24, 2025). Key proposals include sub-dividing each Rs. 100 preference share into 10 shares of Rs. 10 each (though the company notes no preference shares are currently issued), reclassifying authorized share capital to add 1.2 crore more equity shares of Rs. 10, and adopting a new Memorandum of Association with a vastly expanded objects clause covering areas like rare earth minerals, defense equipment, electric vehicles, batteries, and water treatment. Shareholders will also vote on approving material related party transactions of up to Rs. 120 crore for FY 2025-26 with Silver Sands Beach Resort, and similar transactions with Azvargal Aaivu Maiyam.
For existing equity shareholders, the preference share sub-division is a non-event since no preference shares are outstanding. The broader MOA amendment signals the company's intent to diversify aggressively into new sectors, which could be a strategic pivot but also raises questions about capital allocation focus. The Rs. 120 crore related party transaction with Silver Sands Beach Resort will require shareholder mandate, and investors should review whether such dealings are at arm's length.