Hind Rectifiers Limited has informed the Exchange regarding Notice of Postal Ballot
HIRECT · price
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Hind Rectifiers Limited has issued a postal ballot notice seeking shareholder approval via e-voting to issue up to 2,00,000 equity warrants on a preferential basis. Each warrant carries a face value of ₹2 and is convertible into 1 fully paid-up equity share at an issue price of ₹1,368.23 per warrant, including a premium of ₹1,366.23. The total potential raise is up to ₹27.36 crores, with the entire allotment going to Elventive Tech Private Limited, a promoter group entity. An upfront payment of 25% (₹6.84 crores) is required at allotment, with the balance 75% (₹20.52 crores) payable upon conversion of warrants into equity shares within 18 months. The proceeds will be deployed toward capital expenditure at the company's manufacturing and engineering facilities in Mumbai (Bhandup), Nashik, and Sinnar — including procurement of machinery and possible purchase of land or building. E-voting runs from July 30, 2025 to August 28, 2025, with results expected by September 1, 2025.
The preferential issue to a promoter group entity signals insider commitment but will result in dilution for existing shareholders if warrants are converted. The capital infusion is relatively modest and earmarked for capacity expansion, which could support future growth if executed well.