Geekay Wires Limited has informed the Exchange regarding Notice of Postal Ballot
GEEKAYWIRE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Geekay Wires Limited has issued a postal ballot notice for shareholders to vote on three resolutions. First, the company seeks approval to increase its borrowing limits to Rs. 500 Crores for business operations, expansion, and working capital needs. Second, approval is sought to create mortgages or charges on company assets to secure borrowings from banks and financial institutions. Third, shareholders are asked to approve material related party transactions with Geekay Wires Limited (USA), a company 100% controlled by Director Ashish Kandoi. The USA entity handles marketing and order procurement outside India while the Indian company manufactures and supplies products. In FY25, export sales to the USA entity were Rs. 178.32 Crores, and proposed sales for the new approval period (5 years) range from Rs. 200-400 Crores annually. All transactions are stated to be on arm's length basis and in ordinary course of business.
The expansion of borrowing limits to Rs. 500 Crores signals potential growth and capex plans. The related party transaction approval for Geekay Wires USA (constituting 15% of turnover) is significant as it represents a major revenue channel leveraging the overseas entity's distribution network for exports.