Corrigendum to the Postal Ballot Notice dated 09th April, 2025
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Awaiting price reaction for this filing.
Prime Fresh Limited has issued a corrigendum to its Postal Ballot Notice (originally circulated on 15 April 2025) modifying Item No. 2 regarding the issuance of 9,60,000 fully convertible warrants to promoter Hiren Chandrakant Ghelani on a preferential basis. The issue price has been revised upward from Rs. 162.50 to Rs. 164 per warrant, raising the aggregate issue size from Rs. 15.60 crore to Rs. 15.74 crore. The floor price of Rs. 163.52 was determined as the higher of the 90-day VWAP (Rs. 163.52) and 10-day VWAP (Rs. 119.71), with a fresh valuation report obtained from registered valuer Mr. Ramesh Chand Kumawat dated 9 May 2025. The promoter will pay Rs. 41 upfront (25%) and Rs. 123 on conversion (75%), with up to 18 months to exercise the warrants. Assuming full conversion, the promoter's stake will rise from 29.63% (40,43,139 shares) to 34.25% (50,03,139 shares). The other two resolutions — migration from BSE SME to NSE Main Board and reappointment of Mr. Gaurav Meena as Independent Director — remain unchanged. Shareholders who have already voted can modify their vote until 5 PM on 15 May 2025.
The marginal upward price revision (Rs. 162.50 → Rs. 164) slightly increases the cost of dilution for the promoter but aligns with the valuation-derived floor price, which is positive for minority shareholders as it ensures pricing discipline. The promoter's increased commitment signals confidence in the company's NSE main board migration. Shareholders who already cast votes should review the revised terms before the 15 May 2025 deadline.