PRADPME · price
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Pradeep Metals Ltd announced the results of a postal ballot conducted between February 20 and March 21, 2026, where shareholders approved two special resolutions with overwhelming majority. The first resolution grants the company authority to borrow monies exceeding paid-up capital and free reserves, capped at Rs. 350 Crores. The second resolution permits creation of charges and mortgages on company properties for amounts up to Rs. 350 Crores. Both resolutions passed with 99.9982% votes in favor, with only 242 shares voted against out of 1,36,24,971 valid votes. Promoters (holding 1,26,90,783 shares) voted 100% in favor, while public non-institutions saw 20.40% participation with 99.97% in favor.
The approvals significantly expand Pradeep Metals' borrowing capacity and ability to pledge assets, potentially enabling future expansion, acquisitions, or working capital needs up to Rs. 350 Crores. While no immediate fundraising is announced, this gives the board flexibility to raise debt when needed, which could lead to higher interest costs and leverage for shareholders to monitor.