Notice of Postal Ballot
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Landmarc Leisure Corporation Ltd has issued a Postal Ballot Notice to shareholders seeking approval for two special business items. The first item proposes the issuance of up to 18 crore equity shares of Re. 1 face value at Rs. 1.11 per share on a preferential basis to 9 non-promoter allottees, raising approximately Rs. 19.98 crores. The allottees include Aplaya Fashion Ltd, Chintan Mehta, M Entertainment Pvt Ltd, Franklin Leasing and Finance Ltd, Great Fin Leasing & Credit Ltd, Gyandeep Financial Advisory Pvt Ltd, Starrose Dealer Pvt Ltd, Vandana Agarwal, and Vishnu Kumar Agarwal. The proceeds will be used for business expansion, working capital, and general corporate purposes. The second item seeks approval for the re-appointment of Mr. Mahadevan Ramanathan Kavassery as Whole-Time Director and CFO for three years (April 12, 2025 to April 11, 2028) with annual remuneration of Rs. 7.68 lakhs (excluding perquisites). Voting will be conducted electronically via CDSL from May 22, 2025 to June 20, 2025, with the cut-off date being May 16, 2025.
Existing shareholders will face equity dilution as 18 crore new shares will be issued, reducing promoter holding from 74.99% to 61.22% post-issue, though there will be no change in control since all allottees are non-promoters. The modest fund raise of ~Rs. 20 crores is intended for business growth and working capital needs.