Laxmi Cotspin Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
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Laxmi Cotspin Limited has submitted the voting results and Scrutinizer's Report for a Postal Ballot conducted via remote e-voting between May 27 and June 25, 2025. The single special resolution sought shareholders' approval for the sale of 4 Open-End machines (BD-6, 1824 Rotors) located at the company's plant in Samanagaon, Jalna, due to the closure of the Open-End spinning division. Out of 7,594 shareholders on record date (May 16, 2025), a total of 9,397,576 votes were polled, representing 54.80% of total outstanding shares. Promoters voted 100% in favour, while public non-institutional shareholders voted 99.855% in favour and 0.145% against. The resolution was passed with an overwhelming 99.97% majority in favour.
The approval confirms the company's decision to wind down its Open-End spinning operations and monetise the related machinery, signalling a restructuring or exit from this business segment. The near-unanimous shareholder support suggests no market friction, but the closure of a manufacturing line may have near-term implications for revenue contribution from the Open-End division.