IFGL Refractories Limited has informed the Exchange regarding Notice of Postal Ballot
IFGLEXPOR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
IFGL Refractories has sent out a Postal Ballot Notice to its shareholders seeking approval for two ordinary resolutions through remote e-voting. The first resolution is for issuing bonus shares in a 1:1 ratio (one bonus share for every one share held) by capitalising up to Rs 36.04 crore from free reserves, which would take the paid-up share capital to Rs 72.08 crore. The second resolution seeks to increase the Authorised Share Capital from Rs 63 crore to Rs 100 crore, creating room for an additional 3.7 crore equity shares of Rs 10 each, along with the corresponding change to the Memorandum of Association. E-voting will run from June 6, 2025 (9:00 AM) to July 5, 2025 (5:00 PM), with the cut-off date for eligibility set as May 30, 2025. Results are expected to be declared by July 8, 2025. Bonus shares will rank pari passu with existing shares but will not be eligible for any dividend declared for FY25 subsequent to allotment.
If approved, every shareholder will receive one additional share for each share held, effectively doubling the share count and typically leading to a proportionate price adjustment. The authorised capital hike signals management's preparedness for future fund-raising activities.