GOCL Corporation Limited has informed the Exchange regarding Notice of Postal Ballot
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GOCL Corporation Limited has issued a Postal Ballot Notice to seek shareholder approval for selling its entire equity stake in IDL Explosives Limited (IDLEL), a wholly owned material subsidiary, to Apollo Defence Industries Private Limited for Rs. 107 crores. An independent valuation by BBSR & Associates LLP pegged IDLEL's fair value at Rs. 109.40 crores. GOCL holds 78.65 lakh equity shares in IDLEL with a book value of Rs. 38.85 crores. IDLEL has been consistently loss-making, posting losses of Rs. 32.80 cr in FY22, Rs. 20.88 cr in FY24, and Rs. 9.94 cr in 9M FY25. On completion of the deal, IDLEL will also repay about Rs. 93 crores of inter-corporate loans owed to GOCL. E-voting runs from May 13, 2025 to June 11, 2025, with results expected by June 13, 2025.
Shareholders are being asked to approve a Special Resolution to exit a loss-making subsidiary. Total potential cash inflow is around Rs. 200 crores (Rs. 107 cr sale proceeds plus Rs. 93 cr loan recovery), which is a significant uplift over the Rs. 38.85 cr book value. The exit should improve consolidated margins, though the sale price is marginally below the independent fair value of Rs. 109.40 crores.