Corrigendum to the EGM Notice dated April 03, 2025, for the EGM scheduled to be held on April 28, 2025 at 11:30 a.m. is enclosed.
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POCL Enterprises has issued a corrigendum to its EGM notice dated April 3, 2025. The meeting is scheduled for April 28, 2025, at 11:30 a.m. via video conferencing to seek shareholder approval for a preferential issue of 30,86,647 equity shares at Rs. 202 per share, aggregating Rs. 62.35 crores. One proposed allottee, Namrata Baldwa (49,505 shares), was disqualified under SEBI ICDR Regulation 159(1), and her share allocation has been redistributed to two existing proposed allottees, Sunanda Jhaver (37,129 shares) and Girdharlal Jhaver (74,257 shares). All other terms of the preferential issue, including issue size, issue price, and the list of remaining 63 allottees, remain unchanged. The funds will be deployed for strategic acquisitions (Rs. 20 cr), working capital (Rs. 33.5 cr), capital expenditure (Rs. 6 cr), and general corporate purposes (Rs. 2.85 cr). The promoter group will contribute about Rs. 16 crores to the issue.
Shareholders should review the revised list of allottees before voting. There is no change in the total issue size, pricing, or control of the company, so the corrigendum is largely administrative and unlikely to materially impact the stock price or existing shareholders' stake beyond a minor dilution from the preferential issue.