Proceeding of EOGM Held on today i.e Friday 02nd May 2025
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Awaiting price reaction for this filing.
IGC Industries Ltd (formerly IGC Foils Ltd) held an Extra Ordinary General Meeting on 02 May 2025 via video conferencing, which ran from 11:00 AM to 11:05 AM. Five resolutions were tabled: (1) appointment of Omprakash Pyarelal Sonar as Independent Director, (2) appointment of Ziauddin Mohammad as Managing Director, (3) increase in authorised share capital and related alteration of the Capital Clause of the MoA, (4) acquisition of 40,40,443 equity shares of CNX Corporation Limited at Rs. 48 per share via a non-cash share swap, and (5) issuance of 1,61,61,772 equity shares of IGC Industries on a preferential basis for non-cash (share swap) consideration. E-voting was conducted by NSDL between 29 April and 01 May 2025. The actual voting results have not been declared yet — the Chairman stated they would be announced within 2 working days along with the scrutiniser's report and shared with BSE.
The key resolutions materially expand the company's footprint through a share-swap acquisition of CNX Corporation and a related preferential share issuance of over 1.61 crore equity shares, which will dilute existing shareholders and change the shareholding pattern. Voting results are still pending and will be the decisive trigger for any near-term stock reaction.