Kshitij Polyline Limited has informed the Exchange about Shareholders meeting
KSHITIJPOL · price
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Kshitij Polyline Limited has sent a Postal Ballot Notice to shareholders seeking approval for two key matters. The first is an increase in authorized share capital from Rs. 20 crore (10 crore shares of Rs. 2 each) to Rs. 50 crore (25 crore shares of Rs. 2 each), requiring an ordinary resolution. The second is a special resolution to issue 6,52,44,398 equity shares at Rs. 4 per share (Rs. 2 face value plus Rs. 2 premium) to 18 identified non-promoter persons and entities on a preferential/private placement basis, aggregating to about Rs. 26.10 crore. Of this, a portion is for cash consideration and a portion is for conversion of existing unsecured loans into equity. The proceeds will be used for repaying unsecured loans, working capital, and general corporate purposes. The cut-off date for e-voting eligibility is June 20, 2025, with voting open from June 24, 2025 to July 23, 2025, and results expected by July 25, 2025.
This preferential allotment will dilute existing shareholders' holdings as 6.52 crore new shares are being issued to non-promoters. The fact that a significant portion of the issue involves converting existing unsecured loans into equity may ease the company's debt burden, though existing shareholders will see their proportional ownership reduced. Shareholders should review the pricing and allottees before voting.