The cut-off date for determining the eligibility of the members to vote by remote e-voting or e-voting at the ensuing Extra-Ordinary general Meeting is fixed as the closing hours of Monday ....
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POCL Enterprises' board, at its April 3, 2025 meeting, approved a preferential issue of up to 30,86,647 equity shares at Rs. 202 each (face value Rs. 2, premium Rs. 200) totalling about Rs. 62.35 crore, to be allotted to 64 investors including promoter group members and non-promoters. It also approved up to 6,12,288 convertible warrants at Rs. 202 each, totalling about Rs. 12.37 crore, to 18 allottees, with each warrant convertible into one equity share within 18 months. The board further approved adoption of restated Articles of Association aligned with Table F of the Companies Act, 2013, subject to shareholder approval. An Extra-Ordinary General Meeting is scheduled for April 28, 2025, with the e-voting cut-off date set as April 21, 2025. If fully subscribed and warrants are converted, the company could raise up to roughly Rs. 74.7 crore.
The preferential issue could lead to meaningful dilution for existing shareholders once warrants are converted, and the Rs. 202 issue price is well above the Rs. 2 face value. Shareholders should review the list of allottees and consider voting at the April 28, 2025 EGM, as both the fundraise and the new Articles of Association require shareholder approval.