Kindly find herewith attached Outcome of Postal Ballot meeting.
Awaiting price reaction for this filing.
Seshachal Technologies Ltd conducted a postal ballot for shareholder approval on preferential allotment of up to 1,13,63,637 Fully Convertible Warrants to non-promoter public category. The special resolution was passed with 100% shareholder approval (240,478 votes in favour, 0 against) out of 694,360 total shares. The voting participation was low at 34.63%, with only 5,264 votes coming from public non-institutional shareholders despite the significant dilution impact. Promoter group voted in full strength (2,35,214 shares) in favour.
Shareholder approval of this warrant issuance will dilute existing shareholders' stakes as new shares will be issued upon conversion. The company is raising capital from non-promoter investors, which will reduce promoter holding percentage. Stock may face minor pressure due to dilution concerns from this large warrant issuance.