Intimation of submitting of Annual Report of the Company for the financial year 2024-25.
Awaiting price reaction for this filing.
S R Industries Limited (proposed to be renamed Arur Footwear Limited) has submitted its Annual Report for FY 2024-25 to BSE along with the notice for its 35th AGM scheduled on August 21, 2025 at 12:30 PM. The company recently emerged from insolvency — CIRP started in December 2021, with Bazel International Limited (BIL) approved as the resolution applicant by the NCLT in July 2024, acquiring a 95% stake. The Board is proposing to change the company's name to 'Arur Footwear Limited' to signal a fresh identity. Shareholders will also be asked to approve issuance of up to 1.65 crore compulsory convertible debentures (CCDs) worth Rs 16.5 crore to BIL at Rs 10 each, convertible to equity at the same price, under the NCLT-approved Resolution Plan. Due to pending BSE listing approval for post-restructuring shares, e-voting has been disabled and voting will happen only by ballot paper at the AGM.
Existing public shareholders will see their stake dilute from 5% to about 2.72% once CCDs convert to equity, while promoter BIL's holding rises to 95.65%. While the Rs 16.5 crore phased working capital infusion supports the company's revival, significant equity dilution is a key concern for minority shareholders, though the company notes it will work towards meeting the 25% minimum public shareholding requirement.