The Company has issued the corrigendum to the Notice of Postal Ballot. A copy of the detailed corrigendum is enclosed herewith.
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Hari Govind International Ltd has issued a corrigendum to its Postal Ballot Notice dated May 14, 2025, incorporating clarifications suggested by BSE in its letter dated June 05, 2025. The corrigendum provides detailed disclosures on the proposed preferential issue of equity shares at a fair value of Rs. 10 per share, as recommended by independent valuer Mr. Suman Kumar Verma. The company plans to raise approximately Rs. 3.78 crore, which will be used for opening new retail stores in Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Kerala, covering civil work (Rs. 60 lakh), interiors (Rs. 94.5 lakh), office equipment (Rs. 24 lakh), rent deposits (Rs. 48 lakh), and working capital (Rs. 1.51 crore). The preferential allotment will be made to 14 allottees, of which two — Shaju Thomas and Linta P Jose — will be classified as new promoters post-issue, resulting in a change in management/control of the company. No monitoring agency is required since the funds raised are below Rs. 100 crore.
Shareholders should note that this preferential issue will result in a change of control, with two non-promoter allottees being elevated to promoter status. The dilution is relatively small (around Rs. 3.78 crore), but the change in management and the expansion into South India retail are key factors to watch. Existing shareholders should review the corrigendum carefully before voting on the postal ballot resolution.