Postal ballot on reallocating Rights Issue funds from oil mill to SBI loan repayment
NARMADA · price
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Narmada Agrobase has issued a postal ballot notice to shareholders seeking approval to change the use of Rs. 770 lakhs raised through its Rights Issue in 2024. The money was originally meant for an oil mill plant and equipment in Mehsana, Gujarat, but was never spent. The Board now wants to redirect these unutilised funds towards repaying part of the company's Rs. 908.33 lakhs outstanding SBI borrowings, to lower interest costs and strengthen the balance sheet. Shareholders can vote through remote e-voting.
Expansion plans deferred in favour of debt reduction. Shareholder vote needed; no immediate revenue impact but lower interest burden expected.