Magnum Ventures Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on Jun 20, 2025
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Magnum Ventures held its first EGM of FY 2025-26 on June 20, 2025, conducted via video conferencing. Three key resolutions were placed before shareholders for approval: (1) enhancing the company's borrowing limits under Section 180(1)(c) of the Companies Act, 2013, (2) enhancing the Board's power to grant loans, give guarantees or provide security under Section 180(1)(a), and (3) issuing up to 40,000 listed, rated, redeemable, secured, non-convertible debentures of face value INR 1 lakh each, aggregating up to INR 400 crore, in one or more tranches. Remote e-voting was held from June 17-19, 2025, and voting at the EGM was conducted electronically. Chairman Parveen Jain presided over the meeting, and M/s HD And Associates acted as scrutiniser. Final voting results are awaited and will be submitted separately.
The INR 400 crore debenture issuance and enhanced borrowing powers suggest the company is preparing to raise significant debt, which could fund expansion, refinancing, or working capital needs. Shareholders should watch for the voting outcome, as approval would materially increase the company's debt-raising capacity.