Elgi Rubber Company Limited has submitted the Exchange the declaration of voting results of Postal Ballot along with a copy of Scrutinizer report.
ELGIRUBCO · price
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Elgi Rubber Company has announced the results of a postal ballot conducted from July 2 to July 31, 2025, seeking shareholder approval to sell, lease, transfer, liquidate, or otherwise dispose of its material wholly owned subsidiary in the Netherlands and/or its step-down subsidiary and/or their assets. The special resolution was passed with overwhelming support, with 3,28,80,721 shares (100% of valid votes) voting in favor and only 1,523 shares (negligible) voting against it. Among public shareholders specifically, 99.86% voted in favor (11,03,474 out of 11,04,997 public votes), comfortably meeting the SEBI Regulation 37A threshold for public shareholder approval. The resolution was passed under Section 180(1)(a) of the Companies Act, 2013 and SEBI LODR Regulations 24(5), 24(6), and 37A.
Shareholders have cleared the way for the company to divest its Netherlands-based wholly owned subsidiary, signaling a strategic restructuring move. The near-unanimous approval, including from public shareholders, suggests strong management-investor alignment on this divestiture, which could unlock value or simplify the group's international operations going forward.