Notice of 40th Annual General Meeting of the Company
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Devinsu Trading Ltd has called its 40th Annual General Meeting on Monday, 4th August 2025 at 11:00 a.m. at its registered office in Nariman Point, Mumbai. Ordinary business includes adopting FY25 audited financials and re-appointing Ms. Deepa Bhavsar (DIN: 07167937) as Director, who retires by rotation. As special business, the company proposes reclassifying its authorized share capital of Rs. 1 crore — converting 50,000 redeemable preference shares of Rs. 100 each into 5,00,000 equity shares of Rs. 10 each, leaving total equity at 10,00,000 shares. It also seeks approval for a preferential issue of 1,30,000 equity shares at Rs. 350 each (Rs. 10 face value + Rs. 340 premium), raising Rs. 4.55 crore. Key allottee is Mr. Deniis Desai (proposed new promoter) getting 80,000 shares, alongside 5 non-promoter entities. Mr. Desai has separately signed a Share Purchase Agreement on 9th July 2025 to buy 91,493 shares (18.30%) from existing promoter Sunshine Fibre Pvt Ltd at Rs. 350 each, which will trigger an SEBI open offer and result in a change of control and management of the company.
This is a significant event for shareholders: a change of promoter and management is on the cards, along with a fresh Rs. 4.55 crore capital infusion at a premium. Existing public shareholders will see their stake diluted from 81.70% to 68.02%, while the new promoter will hold 27.22% post-issue. The open offer triggered by the SPA could create a near-term floor or trading opportunity for the stock depending on the open offer price.