Outcome of Extra-Ordinary General Meeting held as on 09th June, 2025
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Corporate Merchant Bankers Ltd held an Extra-Ordinary General Meeting on 9 June 2025 at its registered office in New Delhi, chaired by Managing Director Vishal Jethalal Nayak. The meeting ran from 1:00 PM to 2:30 PM and addressed three special business items. These included increasing the company's authorized equity share capital with a corresponding change to the Memorandum of Association, and approving the preferential issuance of up to 8,16,47,431 equity shares (about 8.16 crore shares) to the non-promoter group by converting an outstanding unsecured loan into equity. A third item also covered approval of preferential share issuance more broadly. Voting results from remote e-voting and e-voting at the meeting have not yet been declared and will be shared once the scrutinizer's report is received.
If approved, the preferential allotment of ~8.16 crore shares through loan conversion to non-promoters could lead to significant equity dilution for existing shareholders. The authorized capital increase also opens the door for further fundraising. Investors should wait for the formal voting results, which are still pending, to confirm whether these proposals have been passed.