Postal Ballot: Preference Share Redemption Terms Variation Approved
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Kanoria Energy shareholders approved via postal ballot a special resolution to vary terms of 11.01 lakh 5 percent redeemable preference shares, shortening the redemption period at holders' request. Of 7.69 crore valid votes cast (90.15 percent of outstanding shares), 99.997 percent voted in favour and only 2,029 voted against. Promoter group, holding 6.3 crore shares, voted entirely in favour. The resolution passed with the requisite majority.
Preference shares will now be redeemed earlier than originally scheduled. Passed with near-unanimous shareholder support, indicating broad agreement.