Corrigendum to the Postal Ballot Notice of Kshitij Polyline Limited circulated to shareholders on June 23, 2025
KSHITIJPOL · price
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Kshitij Polyline Limited has issued a second corrigendum (dated July 17, 2025) to its postal ballot notice originally sent to shareholders on June 23, 2025, with a prior corrigendum on July 4, 2025. The postal ballot seeks shareholder approval to issue equity shares to certain identified non-promoter persons/entities on a preferential/private placement basis, either for cash consideration or by converting existing unsecured loans into equity. The corrigendum updates the Practicing Company Secretary's Certificate disclosure (with an inspection link) and revises the price justification. The shares will be issued at Rs. 4 per share, which is higher than the 90-day VWAP of Rs. 3.49, the 10-day VWAP of Rs. 3.66, and the independent valuer's price of Rs. 3.75 per share. Shareholders who have already cast their votes can re-vote by emailing the scrutinizer until the postal ballot e-voting closes on July 23, 2025.
The preferential issue at Rs. 4 per share will result in equity dilution for existing shareholders but helps the company raise capital or convert debt into equity. Shareholders retain a fresh opportunity to vote on the revised pricing details until July 23, 2025.