Board of Directors at its meeting held on April 03, 2025, have approved the adoption of the restated Articles Of Association of the Company, subject to the approval of the shareholders.
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The Board of POCL Enterprises, at its meeting on April 3, 2025, approved the adoption of a restated Articles of Association aligned with Table F of Schedule I of the Companies Act, 2013, subject to shareholder approval. The Board also approved a preferential issue of up to 30,86,647 equity shares and 6,12,288 convertible warrants at Rs. 202 per share/warrant (face value Rs. 2, premium Rs. 200) to promoter group members and 64 non-promoter investors/entities. The total potential raise is approximately Rs. 74.72 crore (Rs. 62.35 crore from shares and Rs. 12.37 crore from warrants), with warrants convertible into one equity share within 18 months. An Extra-Ordinary General Meeting is scheduled for April 28, 2025, to seek shareholder approval, with the e-voting cut-off date set as April 21, 2025.
The preferential issue will result in equity dilution for existing shareholders if fully subscribed. Promoter group participation signals insider confidence, while the Rs. 202 issue price represents a significant premium over face value, suggesting strong valuation acceptance by incoming investors.