RACL Geartech Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on May 07, 2025
RACLGEAR · price
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RACL Geartech Limited held an Extraordinary General Meeting on May 7, 2025, via video conferencing from 4:00 PM to 4:32 PM. Two special resolutions were put forward for shareholder approval, both related to the issue of equity shares on a preferential basis to the non-promoter category. The first resolution covers the issue of 8,30,711 equity shares to Qualified Institutional Buyers (QIBs), and the second covers 1,75,769 equity shares to Non-Qualified Institutional Buyers, totalling 10,06,480 shares. Remote e-voting was open from May 4 to May 6, 2025, with the cut-off date set at April 30, 2025. The results of the voting will be declared separately within the prescribed regulatory timeline.
If approved, this preferential allotment of over 10 lakh equity shares to institutional and non-institutional investors will dilute existing shareholders' holdings and bring fresh capital into the company. Investors should watch for the voting results, as approval will confirm the dilution and potential capital raise.