Notice is hereby given that the EGM of the Company will be held on Wednesday, August 06, 2025 at 04:00 P.M. at the Registered office of the Company situated at AltF 101, TR-442, Okhla - ....
ELITECON · price
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Elitecon International Ltd has called an EGM on Wednesday, August 06, 2025 at 4:00 PM at its registered office in New Delhi to seek shareholder approval via special resolutions for three key proposals. The first proposal seeks approval to raise up to Rs 300 crore through a Qualified Institutions Placement (QIP) of equity shares to institutional investors. The second proposal is a preferential allotment of 7,27,27,273 equity shares at Rs 55 per share (aggregating Rs 400 crore) to Mr. Santosh Sharma (Non-Promoter) as consideration other than cash, being a share swap to acquire 300 equity shares (100% paid-up capital) of Prime Place Spices Trading L.L.C, a UAE-based entity. The third proposal seeks to raise the company's borrowing/investment limit under Section 186 of the Companies Act to up to Rs 1,000 crore. E-voting will be open from August 03 to August 05, 2025, and the Register of Members will be closed from July 31 to August 06, 2025.
If approved, the combined Rs 700 crore in potential equity issuance (QIP plus preferential swap) could lead to significant dilution for existing shareholders. The Rs 400 crore preferential issue at Rs 55 per share may be valued below market depending on the prevailing price, and shareholders should evaluate whether the UAE acquisition justifies the dilution. Outcome of the e-voting and final allotment price/discount will be key drivers for the stock in the near term.