40th Annual General Meeting of the Company which was held today was adjourned due to want of quorum and now the 40th AGM will be held on Monday, 11th August 2025 same time and same place.
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The 40th Annual General Meeting of Devinsu Trading Limited, originally held on 4th August 2025, was adjourned due to lack of quorum and has now been rescheduled to Monday, 11th August 2025 at 11:00 a.m. at the same registered office in Nariman Point, Mumbai. The agenda includes routine items such as adoption of audited FY25 financial statements and re-appointment of Director Ms. Deepa Bhavsar (DIN: 07167937), who retires by rotation. Key special business items include reclassification of the authorised share capital (converting 50,000 redeemable preference shares into 5,00,000 equity shares, keeping the authorised capital flat at Rs. 1 crore) and a preferential allotment of 1,30,000 equity shares at Rs. 350 per share (including Rs. 340 premium), raising Rs. 4.55 crore. A major change is on the cards: Mr. Deniis Desai (Acquirer) is buying 91,493 shares (18.30%) from existing promoter Sunshine Fibre Pvt Ltd at Rs. 350/share via a Share Purchase Agreement dated 9th July 2025, plus getting 80,000 shares through the preferential issue, taking his stake to 27.22% and triggering an Open Offer under SEBI Takeover Regulations, which will result in a complete change of management and control.
For shareholders, this meeting is significant because it effectively hands over control of the company to a new promoter (Mr. Deniis Desai), with an Open Offer expected to follow under SEBI rules — providing a potential exit window. The preferential issue at Rs. 350/share (valued close to the independent valuer's Rs. 348.21 fair value) will dilute existing public shareholders from 81.70% to 68.02%, so retail investors should track the Open Offer price and timeline closely. The adjournment itself is procedural and does not materially affect the outcome of the resolutions.