Devyani International Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on May 17, 2025
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Devyani International Limited held an Extra-ordinary General Meeting (EGM) on May 17, 2025, attended by 241 members, where shareholders approved a special resolution to issue up to 2,37,19,187 fully paid-up equity shares of INR 1 each at INR 176.78 per share (including a premium of INR 175.78), on a preferential basis and for consideration other than cash. The implied value of the issuance is approximately INR 419 crore. The resolution was passed with overwhelming support — 99.95% of valid votes (1,09,95,20,133 shares) were in favour, while only 0.05% (5,67,512 shares) voted against. Voting was conducted via remote e-voting (May 14–16) and e-voting during the EGM, with the scrutinizer's report issued by Sanjay Grover & Associates confirming the results.
The preferential allotment will result in equity dilution for existing shareholders but brings in capital (or assets, since consideration is other than cash) at a price above the face value. Shareholders should watch for the next disclosure identifying the allottee and the exact number of shares actually issued, as well as any related-party implications given the RJ Corp promoter group connection.