Voting result along with the scrutinizer''s report of EGM held on May 13, 2025
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Mini Diamonds (India) Ltd held an Extra-Ordinary General Meeting on May 13, 2025 via video conferencing, which concluded in just 18 minutes (11:00 AM to 11:18 AM). Two special resolutions were put to vote: (1) increasing the authorised share capital and amending the Memorandum of Association, and (2) issuing convertible equity warrants on a preferential basis to proposed allottees for cash consideration. Both resolutions passed unanimously with 4,43,659 votes (representing only 1.88% of total outstanding shares of 2,35,69,116) cast entirely in favour and zero against. A total of 87 shareholders participated in the voting, with the promoter group (holding 11,66,331 shares) polling 37.90% of their holding and public non-institutions voting 1,577 shares.
Shareholders have approved a preferential issue of convertible warrants, which will lead to dilution once converted. The very low voting turnout (1.88%) means these decisions were driven primarily by promoter support. Existing public shareholders should watch for further announcements on the pricing, number of warrants, and identity of allottees, as preferential allotments typically come at a discount to market price and will dilute their stake.