Submission of clarification for delay in filing intimation of proceedings of EGM held on May 07, 2025
RACLGEAR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
RACL Geartech held an Extraordinary General Meeting on May 7, 2025 via video conferencing, which ran from 4:00 PM to 4:32 PM. Shareholders approved two special resolutions to issue a total of 10,06,480 equity shares on a preferential basis to non-promoter investors — 8,30,711 shares to Qualified Institutional Buyers and 1,75,769 shares to non-QIBs. The company filed the EGM proceedings with NSE and BSE about 24 hours after the meeting instead of the required 12 hours. On May 9, 2025, the company submitted a clarification calling it an inadvertent delay and asked the exchanges to condone it. Voting results are to be declared separately.
This is mainly a procedural compliance issue — the delay was acknowledged and no misinformation is alleged. However, the EGM has cleared a preferential allotment of over 10 lakh shares to non-promoter investors, which will lead to dilution of existing shareholders' stakes once the shares are issued.