ENCLOSED HEREWITH DISCLOSRE UNDER REGULATION 30 FOR RESIGANTION OF DIRECTOR MRS. HIMANI BHOOOTRA
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Yash Trading and Finance Limited's board approved issuing 70 lakh equity shares on a preferential basis at Rs. 12 per share (face value Rs. 10), with five allottees acting in concert set to acquire 43% triggering an open offer under SEBI takeover norms. Combined with share purchases, the acquirer group's holding will reach about 70.55% of the enhanced capital, leaving public shareholders with roughly 29.45%. The board also noted that Solarfusion Renewables Pvt Ltd is now a 100% subsidiary after full payment, and approved raising the authorised capital from Rs. 3 crore to Rs. 10 crore. Two Non-Executive Independent Directors, Mrs. Himani Bhootra and Mr. Bharatkumar Pramodbhai Suchak, resigned citing other professional commitments. Additionally, five directors are being regularised or redesignated, including one being made Managing Director, with an EOGM scheduled for 15 May 2025.
A significant change-of-control event is underway with a new promoter group taking over 70%+ of the company through preferential allotment plus open market purchases, which may lead to a mandatory open offer for remaining shareholders. The simultaneous resignation of two independent directors around the time of a control change is worth noting for governance. Shareholders should track the open offer price and the EOGM outcomes on 15 May 2025.