Enclosed herewith are the proceedings of the EGM held on April 28, 2025
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POCL Enterprises Ltd held its Extra-Ordinary General Meeting (EGM) on April 28, 2025, via video conferencing to transact three special business items. The first resolution was the adoption of restated Articles of Association of the Company. The second and third resolutions approved the issuance of 30,86,647 equity shares and 6,12,288 convertible warrants on a preferential basis to identified promoter, promoter group, and certain non-promoter persons/entities. The Managing Director explained that the capital raise is intended to fund organic and inorganic growth opportunities, working capital needs, capital expenditure, and general corporate purposes. E-voting was conducted through the CDSL platform, with the results to be declared separately after scrutiny. The meeting was chaired by Independent Director Mr. Shyam Sunder Tikmani and concluded at 12:30 PM.
The preferential allotment of equity shares and convertible warrants will lead to dilution of existing shareholders' holdings, though the funds raised are aimed at supporting business expansion and growth. The restatement of Articles of Association may also bring changes to the company's governance framework.