Postal ballot approves two independent directors and Rs 100 crore convertible debt issue
GULFPETRO · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.6 pts less than Nifty Microcap 250, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
All three postal ballot resolutions passed. Two independent directors were appointed for two years with 99.99% support each; the debt resolution got 99.26%. Shareholders approved up to Rs 100 crore of convertible debentures for RevX Special Credit Opportunities Fund II. These can convert into up to 16,10,500 shares at Rs 62.09. The investor would hold 3.06%, with no immediate control change. Debt carries a 13% coupon and is secured by assets.
Adds board independence and funding, but costly debt creates potential dilution and repayment risk; no immediate control change is expected.