Extra-Ordinary General Meeting of the Company will be held on Tuesday, 3rd June, 2025 at 03:00 PM through VC/OVAM.
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Evoq Remedies has called an EGM on June 3, 2025 at 3:00 PM (via video conferencing) to seek shareholder approval on four key items. First, the company plans to increase its authorised share capital from Rs. 25 crore to Rs. 42 crore (raising it from 2.5 crore shares to 4.2 crore shares of Rs. 10 each). Second, it proposes to issue 1 crore equity shares (worth Rs. 10 crore) to non-promoter shareholders of Spazio Formulations Limited as a share-swap to acquire 50.36% stake in that company. Third, it proposes to issue 63.36 lakh equity shares (worth Rs. 6.34 crore) to its own Managing Director Bhumishth N Patel as a share-swap to acquire 71.95% stake in Poshan Nutriwell Private Limited. Fourth, it wants to widen its main objects in the Memorandum of Association to include agriculture, agro-based products, oilseeds, fertilizers and related chemicals. Remote e-voting is open from May 31 to June 2, 2025.
Existing shareholders will face significant dilution as a total of about 1.63 crore new shares are proposed to be issued (without any cash inflow to the company). The promoter (MD Bhumishth Patel) is personally increasing his stake via the Poshan Nutriwell swap, and the company is pivoting into agriculture and agro-chemicals through two acquisitions done entirely via share swaps. Shareholders should evaluate the valuation reports, the business case for these acquisitions, and the dilution impact before voting.