Approval of Resolution at the 32nd AGM held on 20th August, 2025
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Shareholders at the 32nd AGM approved several key resolutions. Subbaraj Gowra, son of Managing Director Srinivas Gowra, was appointed as a Director. Srinivas Gowra was re-appointed as Managing Director for five years effective June 30, 2026. Authorised share capital was raised from Rs. 6 crore to Rs. 10 crore (60 lakh to 1 crore equity shares of Rs. 10 each). The company also approved a preferential issue of up to 24,97,500 equity shares at Rs. 120 per share (a premium of Rs. 110) to 72 allottees, mostly promoter family members and group entities, raising up to Rs. 29.97 crore. The board was authorised to borrow up to Rs. 25 crore from related companies and Rs. 10 crore from directors at interest up to 12% per annum. M/s SPP & Associates was appointed as Secretarial Auditor for five years.
The preferential allotment at Rs. 120 per share will dilute existing shareholders by roughly 25%, with promoter family and group entities taking the bulk of the new shares, significantly increasing promoter shareholding concentration. This is a capital-raising move to fund growth, but retail shareholders should note the dilution and the related-party borrowing approvals, which are governance points to watch.