ENCLOSED HEERWITH VOTING RESULT FOR EGM HELD ON 27/05/2025
Awaiting price reaction for this filing.
Deccan Bearings Ltd held an Extra-ordinary General Meeting (EGM) on 27 May 2025 via video conferencing from 4:00 PM to 4:30 PM. All 11 resolutions were passed with 100% votes in favor, with 12,38,165 votes polled (56.71% of 21,83,334 total shares). Key resolutions included preferential allotment of 1,78,16,666 equity shares (Rs. 10 face value) to non-promoters, increase in authorized share capital to Rs. 20 crore (2 crore shares), appointment of Mr. Priyankbhai Ghelani as Managing Director, regularization of four independent directors, and approval to raise borrowing limits and make loans/investments under Sections 180, 185 and 186 of the Companies Act, 2013. Scrutinizer Amarendra Mohapatra (Membership No. 26257) submitted the report on 28 May 2025.
The preferential allotment of ~1.78 crore shares to non-promoters will massively dilute existing shareholders (nearly an 8x expansion from the current ~21.83 lakh share base), which could weigh on the stock. The hike in authorized capital, higher borrowing powers, and fresh management team suggest the company is preparing for major fundraising and a possible strategic expansion or restructuring.