North Eastern Carrying Corporation Limited has informed the Exchange about General Updates : Clarification in relation to Postal Ballot Notice dated April 16, 2026 and Corrigendum thereto.
NECCLTD · price
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North Eastern Carrying Corporation has clarified details regarding a Postal Ballot Notice for issuance of equity shares. The company revised the issue price to Rs. 15.18 per share (higher of 90-day VWAP of Rs. 15.18 or 10-day VWAP of Rs. 14.08) due to a change in the Relevant Date. The consideration amount for settling outstanding loans through equity share issuance has been revised to Rs. 6.83 crore (Rs. 6,83,10,000). This appears to be a debt-to-equity conversion exercise where outstanding loans will be adjusted against newly issued equity shares.
This clarification resolves pricing ambiguity for shareholders voting on the postal ballot. The loan conversion to equity at Rs. 15.18 per share could have a dilutive effect on existing shareholders' stakes. The filing ensures transparency on the terms before shareholder approval.