Oricon Enterprises Limited has informed the Exchange about Shareholders meeting
ORICONENT · price
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Oricon Enterprises has sent a Postal Ballot Notice to shareholders seeking approval (via Special Resolution) for the sale and transfer of its Metal Crown Seals and Roll On Pilfer Proof Closures business to Guala Closures (India) Private Limited. The transaction is structured as a slump sale on a going concern basis for an enterprise value of Rs. 42.50 Crores, with the business' plant located at MIDC Murbad, District Thane, Maharashtra. The Board approved the deal on August 7, 2025, and a Business Transfer Agreement was signed on August 8, 2025. E-voting runs from August 18, 2025 (9:00 a.m.) to September 16, 2025 (5:00 p.m.). The company has not yet decided how to use the sale proceeds, saying only that the funds will help grow the remaining business and pursue new opportunities.
Shareholders need to vote on this Special Resolution by September 16, 2025 — approval requires a higher majority than an ordinary resolution. If passed, Oricon will divest a manufacturing business unit and receive Rs. 42.50 Crores in cash, which could refocus the company but also removes a business line. The lack of a stated use of proceeds may concern some investors looking for clarity on capital allocation.