Postal Ballot Notice
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Oriental Rail Infrastructure is conducting a postal ballot (e-voting from April 1 to April 30, 2026) to get shareholder approval to redirect unutilized funds from its 2024 Preferential Issue. The company had raised Rs. 212.20 crore through 75 lakh convertible warrants (to promoter Wazeera S. Mithiborwala) and 50.56 lakh equity shares (to non-promoters) at Rs. 169 per share. Of this, Rs. 170.16 crore has been used, leaving Rs. 42.04 crore unspent — originally meant for debt repayment and general corporate purposes. The company now wants to deploy this Rs. 42.04 crore toward working capital, citing changed geopolitical and macroeconomic conditions. All warrants have already been fully converted into equity shares in four tranches between March 2024 and July 2025. The 75 lakh warrants were converted to promoter equity, with the final tranche of 10 lakh shares allotted on July 29, 2025.
This is a reallocation of existing funds, not a fresh fundraising, so there is no dilution. However, the original capex/debt-repayment plan was not executed, and shareholders will be voting on whether working capital is an acceptable alternative use of the money.