Corrigendum to the Notice of Postal Ballot of Jetmall Spices and Masala Limited Dispatched to the Members on September 30, 2025
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Jetmall Spices and Masala has issued a corrigendum to its Postal Ballot notice dated September 1, 2025, following observations from BSE regarding the proposed preferential issue of convertible warrants. The corrections clarify that the issue price (totalling 1,52,82,000 warrants) and the number of securities are fixed, with USD subscription amounts to be converted at RBI reference rate on receipt of funds. The revised shareholding pattern shows the proposed allottee (institutional investor) could end up holding over 71% post-issue, while promoter holding would dilute from 35.32% to about 9.95%, potentially triggering open offer obligations under SEBI takeover rules. Importantly, the corrigendum states there is no change in management control. Members who have already voted can modify their votes by emailing the scrutinizer before 5 PM on October 1, 2025.
Existing shareholders face significant dilution (share count rising from ~60 lakh to ~2.13 crore), and the proposed allottee holding may exceed 25%, which could trigger a mandatory open offer. However, management control remains unchanged, and the corrigendum is procedural — shareholders retain the option to revise their votes in light of the new clarifications.