Gretex Corporate Services Limited has informed the Exchange regarding Notice of Postal Ballot.
GCSL · price
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Gretex Corporate Services Limited has issued a postal ballot notice seeking shareholder approval for two key resolutions. First, an ordinary resolution to increase the authorised share capital from ₹24.20 crore to ₹26.50 crore by creating 23 lakh additional equity shares of ₹10 each. Second, a special resolution for issuing up to 19.51 lakh fully convertible equity warrants at ₹358 per warrant (face value ₹10 plus premium ₹348) to five non-promoter entities for a total consideration of up to ₹69.85 crore. The allottees include Ambition Tie-Up Private Limited (12.01 lakh warrants), Zyana Developers LLP (5 lakh), and three individuals. The warrants are convertible into equity shares within 18 months, with 25% payment upfront and 75% on conversion. Voting period runs from May 8, 2026 to June 6, 2026.
The preferential warrant issue will lead to significant equity dilution (potentially ~8% expansion) if all warrants are converted. The large infusion of ₹69.85 crore from non-promoter entities could strengthen the company's capital base but will reduce existing shareholders' percentage holding. The issue price of ₹358 per warrant is above the regulatory floor price, indicating confidence. Note that Ambition Tie-Up will be reclassified under Promoter Group post-allotment, signalling a potential change in control dynamics.