Outcome of the EGM held on April 28, 2025 is enclosed.
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POCL Enterprises held an Extra-Ordinary General Meeting on April 28, 2025, via video conferencing, where shareholders approved three special resolutions. First, shareholders approved the adoption of a restated Articles of Association aligned with the Companies Act, 2013, to empower the company to issue convertible warrants and securities. Second, the company received approval to issue up to 30,86,647 equity shares on a preferential basis at Rs. 202 per share (face value Rs. 2, premium Rs. 200), raising up to Rs. 62.35 crore from 63 identified allottees. Third, shareholders approved the issuance of 6,12,288 convertible warrants at Rs. 202 per warrant, which could bring in an additional Rs. 12.37 crore upon conversion, from 18 allottees. Each warrant is convertible into one equity share within 18 months, after which unexercised warrants will lapse. Promoter and promoter group members are among the allottees, alongside several non-promoter individuals, HUFs, and entities.
Existing shareholders will face equity dilution as the preferential allotment and potential warrant conversions expand the share base, but the company could raise up to Rs. 74.72 crore to fund growth. The promoter group's participation signals insider confidence, though retail investors should track the use of funds and any related-party allotments.