Intimation of notice of Postal Ballot of Mac Charles India Limited.
MCCHRLS-B · price
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Mac Charles (India) Limited has sent a Postal Ballot notice to its shareholders to approve a material related party transaction. Its wholly-owned subsidiary, Mac Charles Hub Projects Private Limited, plans to issue 54,000 senior, secured, redeemable, listed, rated non-convertible debentures with a face value of ₹1,00,000 each, aggregating to ₹540 crore, in one or more tranches. The holding company, Embassy Property Developments Private Limited, will provide an irrevocable and unconditional corporate guarantee for these debentures and also enter into an Options Agreement covering put and call options with the debenture trustee, Catalyst Trusteeship Limited. Since the transaction exceeds 10% of the company's annual consolidated turnover for FY ending March 31, 2025, it qualifies as a material related party transaction under SEBI LODR Regulation 23 and requires shareholder approval. The Audit Committee, comprising independent directors, has unanimously approved the transaction. E-voting runs from December 15, 2025 (9:00 AM) to January 13, 2026 (5:00 PM), with results expected by January 15, 2026. Director Mr. Aditya Virwani is the only interested party.
Shareholders need to vote on this ₹540 crore related-party guarantee before January 13, 2026. If approved, the company's subsidiary will raise ₹540 crore in debt backed by the parent (Embassy Property Developments), which could strengthen the subsidiary's funding capacity but also means the listed entity's consolidated debt and contingent liability exposure rises. Approval is necessary for the debenture issue to proceed; rejection could delay or halt the subsidiary's fundraising plan.