The EGM of the Company was held on Friday, 05th June, 2026 at 01:00 P.M. (IST) through VC and OAVM to transact the business as stated in the Noticeof the EGM dispatched dated 12th May, ....
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Porwal Auto Components held an Extraordinary General Meeting on 5th June 2026 via video conferencing, where two special resolutions were passed with overwhelming shareholder approval (over 99.99% in favour). Resolution 1 approves the issuance and allotment of up to 17,54,384 equity shares (face value Rs 10 each) to the public on a preferential/private placement basis, in which promoters have no interest. Resolution 2 approves the issuance of up to 3,94,735 convertible warrants (face value Rs 10 each) to the promoter group on a preferential basis, in which promoters are interested. Out of 7,709 total shareholders on record date, 42 attended the EGM through VC. Total votes polled stood at 61,73,395 shares, representing about 40.88% of the 1,51,00,000 outstanding shares, with only 300 votes cast against each resolution.
The company will raise fresh capital through a preferential equity issue and promoter warrants, which will dilute existing shareholders but strengthen the balance sheet. Promoter participation via warrants signals promoter commitment and confidence in the business, though retail shareholders should watch the pricing and dilution impact of the new equity shares being allotted to public investors.