Prostarm Info Systems Limited has informed the Exchange regarding Notice of Postal Ballot
PROSTARM · price
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Prostarm Info Systems Limited is seeking shareholder approval via postal ballot for three special resolutions. First, the company wants to reallocate ₹1,248.31 Lakhs of unutilized IPO proceeds originally earmarked for inorganic growth and acquisitions toward funding working capital requirements. The IPO (May 2025) raised net proceeds of ₹14,494.14 Lakhs; as of March 31, 2026, ₹13,245.83 Lakhs has been deployed (₹7,250 Lakhs for working capital and ₹1,795.83 Lakhs for debt repayment fully utilized; ₹4,200 Lakhs of the ₹5,448.31 Lakhs inorganic growth fund used for general corporate purposes). Second and third, the company seeks approval to amend the Prostarm Employee Stock Option Plan 2024 (ESOP 2024) for both its own employees and subsidiary employees. Voting ends June 25, 2026.
Redirecting ₹1,248.31 Lakhs from acquisition plans to working capital signals the company is prioritizing near-term liquidity over growth inorganic expansion. ESOP amendments may dilute existing shareholders upon exercise. Both resolutions require special resolution approval (75% threshold) with an exit offer clause if 90% assent is not met.