Emami Realty Limited has informed the Exchange regarding Proceedings of Postal Ballot along with a copy of minutes.
EMAMIREAL · price
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Emami Realty Limited has announced the formal minutes of its postal ballot results conducted on March 27, 2026. Two resolutions were passed with overwhelming shareholder approval (99.82% in favour). First, the company approved modification of terms for 8,53,65,854 Unsecured Unlisted NCDs worth Rs. 700.28 crores by increasing the coupon rate from 7.50% to 10% per annum. Second, shareholders approved a material related party transaction with Orbit Abasan Private Limited for acquisition of a project undertaking up to Rs. 50 crores. Orbit Abasan is a related party as the MD & CEO of Emami Realty serves as its director. The voting turnout was 4,27,107 votes with only 756 votes against the resolutions.
Shareholders have approved significant related party transactions including a costlier debt restructuring. The increase in NCD coupon rate from 7.50% to 10% will increase annual interest costs by approximately Rs. 17.5 crore on the existing NCD holder base, representing a meaningful increase in borrowing costs.