Please find attached Notice of EGM to be held on 11 November 2025
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Ovobel Foods has called an Extraordinary General Meeting on 11 November 2025 in Bengaluru to seek shareholder approval for two related party transactions. Item 1 seeks approval to continue purchasing eggs from and selling crushed egg shell powder to Ashraya Farms (owned by promoter Mr. M P Satish Babu) for up to Rs. 300 crore per year, which is about 159% of the company's FY25 turnover of Rs. 188.59 crore. Item 2 seeks approval to lease 9.175 acres of land in Chitradurga, Karnataka from Managing Director Mr. Mysore Satish Sharad for 30 years, with a refundable deposit of Rs. 1.26 crore and an annual rent of Rs. 5,000 (estimated total Rs. 127.79 lakh). Both resolutions were previously rejected by shareholders at the 33rd AGM held on 30 September 2025, and the company is now re-submitting them. Promoters holding about 68.94% of shares are interested parties and cannot vote on these resolutions.
This is a critical vote for the company as both resolutions are essential for operations (egg supply) and expansion (poultry farm setup). Since promoters cannot vote, minority shareholders effectively hold the deciding power. Rejection again could disrupt raw material supply and delay the company's backward integration plans, potentially affecting future growth and stock sentiment.