Subject to approval of shareholders of the company, Considered and approved ; 1. Alteration of Main object in MoA 2. Increase in Authorised Capital
Price
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Hari Govind International Ltd (BSE: 531971, HARIGOV) has approved a major change of control. Existing promoters are selling 30 lakh shares (60% of paid-up capital) to Shaju Thomas and Linta P Jose for ₹10 per share, totalling ₹3 crore. After this, the acquirers will become the new promoters and will also issue a mandatory open offer to public shareholders. The board has appointed two new Independent Directors and a new Whole-Time Director, while accepting the resignation of one existing director. The company is also doubling its authorised share capital from ₹5.25 crore to ₹10.25 crore and altering its main business objects to expand into readymade garments, baby food, toys, hygiene products and related items. Additionally, a preferential issue of up to 37.75 lakh equity shares at ₹10 per share (aggregating ₹3.775 crore) has been approved for 14 allottees, including the proposed new promoters and non-promoter investors. Shareholder approval via postal ballot will be sought for these changes.
This is a significant event for public shareholders — a change of promoter and incoming management is happening, with a mandatory open offer to follow at SEBI-prescribed pricing. Existing public shareholders should watch for the open offer announcement carefully. The preferential issue is being done at face value (₹10), which may be dilutive if the market price is higher.