RACL Geartech Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on May 07, 2025
RACLGEAR · price
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RACL Geartech has issued a corrigendum to its EGM notice originally sent on April 12, 2025, following observations from BSE and NSE on its proposed preferential issue of equity shares. The EGM will be held on May 7, 2025 at 4:00 PM via video conferencing. The corrigendum revises the pricing basis: for QIB allottees (up to 5), the price has been set at Rs. 794.5 per share (10-day VWAP of Rs. 756.65 plus a 5% premium), while for non-QIB allottees, the floor price is Rs. 796.38 per share based on the higher of the 10-day and 90-day VWAPs. An independent registered valuer (CS Manish Manwani) also computed a fair value of Rs. 541.45 per share, which the company voluntarily obtained as a governance measure. The corrigendum has been emailed to members and uploaded to the company's and RTA's websites.
For shareholders, the corrigendum clarifies and tightens the pricing terms of the preferential issue, potentially making it more attractive to existing investors by setting a higher floor for non-QIBs. Shareholders should review the revised pricing before voting at the May 7 EGM, as approval of this preferential issue will lead to equity dilution.