This is to inform you that pursuant to Regulation 30 of the Listing Regulations, the Board at its meeting held today i.e., Wednesday, April 16, 2025, through video Conferencing, inter alia, ....
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The Board of Directors met on April 16, 2025, and approved reducing the earlier planned rights issue size from Rs. 45 crores to Rs. 40 crores, to be raised by issuing fully paid-up equity shares of Re. 1 each to existing shareholders. The original authorization for the Rs. 45 crore rights issue was given on August 14, 2024. The Board also constituted a Rights Issue Committee to finalize terms such as issue price, record date, entitlement ratio, and allotment. Additionally, Mrs. Laveena Pokharna was appointed as the Chief Financial Officer of the company for a 5-year term with effect from April 16, 2025.
Existing shareholders will see a modestly smaller rights issue size (reduced by Rs. 5 crores), which may slightly limit dilution. The appointment of a permanent CFO brings a new key managerial person to the leadership team, which could improve financial governance and reporting discipline.