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 corrigendum to its June 23, 2025 postal ballot notice, revising the explanatory statement for a proposed preferential issue of equity shares to identified non-promoter persons/entities. The total issue comprises Rs. 11.54 crore through conversion of unsecured loans into equity and Rs. 14.55 crore in cash consideration. Cash proceeds will be used for working capital (Rs. 9.77 crore, 67.10%), general corporate purposes (Rs. 3.64 crore, 25%), and repayment of an unsecured loan of Rs. 1.15 crore to Singrodia Bros Holding Pvt Ltd. The issue price is set at Rs. 4 per share, above the 90-day VWAP of Rs. 3.57 and the 10-day VWAP of Rs. 3.66. None of the promoters, directors, or key managerial personnel intend to subscribe. Shareholders who have already voted may recast their votes until July 23, 2025.
Existing shareholders may face equity dilution from the preferential issue, though pricing is at a premium to market. The Rs. 11.54 crore loan-to-equity conversion will reduce debt and strengthen the balance sheet, while the Rs. 14.55 crore cash infusion supports working capital and growth needs. Promoter non-participation signals that fundraising is being done through external sources rather than promoter contribution.