Submission of Scrutinizer''s Report for outcome of Postal Ballot
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Gujarat Cotex Ltd has submitted the scrutinizer's report on the outcome of a postal ballot conducted via e-voting. Two special resolutions were put to shareholders: (1) issuance of convertible warrants on a preferential basis, and (2) offer, issue and allotment of equity shares (other than cash) on a preferential basis. For Resolution 1, of 16,30,165 shares voted, 16,29,145 were in favour and 1,020 against. For Resolution 2, of 16,30,165 shares voted, 16,29,165 were in favour and 1,000 against. Both resolutions were passed with the requisite majority. The scrutinizer was Kunjal Dalal of K. Dalal & Co., Practicing Company Secretaries.
Shareholders have approved a preferential issue of convertible warrants and equity shares, which will lead to equity dilution and bring in fresh capital from select investors. Existing shareholders should brace for potential dilution in their holding once the warrants/shares are allotted.