Hind Rectifiers Limited has informed the Exchange regarding Notice of Postal Ballot
HIRECT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Hind Rectifiers Limited is seeking shareholder approval via postal ballot for two special resolutions. First, the company plans to grant a loan of up to Rs. 22.31 crore (approximately 2 million Euros) to Elventive France SAS, its subsidiary, for working capital and general corporate purposes. Second, the company proposes to issue 10,86,366 equity shares on a preferential basis to Tata Mutual Fund (Small Cap Fund) at Rs. 920.50 per share, aggregating Rs. 100 crore. The funds from the equity issue will be used for working capital, capital expenditure, R&D facilities, and general corporate purposes. The e-voting period runs from May 17, 2026 to June 15, 2026.
The preferential issue to Tata Mutual Fund will bring in Rs. 100 crore of capital, which could be positive for the company's expansion plans and may provide a slight boost to liquidity. The loan to the subsidiary is a related party transaction but is stated to be on arm's length basis.