Annual Report for the FY 2024-25 (including Notice of 54th AGM)
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On the reaction day the stock moved 0.1 pts more than Nifty Microcap 250 and 0.5 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The company has filed its 54th AGM notice and Annual Report for FY 2024-25, with the meeting scheduled for August 28, 2025 via video conferencing. Key business includes adopting the FY25 audited financials, re-appointing a director, ratifying cost auditor remuneration of Rs. 90,000, and appointing a new secretarial auditor for a 5-year term. Two preferential allotment proposals are on the agenda: (1) issuance of 6,69,226 convertible warrants to South Korean firm WSG Co. Ltd. at Rs. 129.33 per warrant, totalling Rs. 8.66 crores (USD 1 million); and (2) issuance of 11,95,893 equity shares to a promoter group entity (Remi Finance & Investment) and three non-promoters at Rs. 129.33 per share, totalling Rs. 15.47 crores. Combined, the company plans to raise approximately Rs. 24.13 crores through the preferential route. The board saw turnover with three new independent directors joining and three completing their term in September 2024.
Existing shareholders should note that the combined preferential allotments could lead to equity dilution, especially if the warrants are fully converted into shares. The participation of a foreign strategic investor (WSG Co. Ltd.) and promoter group in the fundraise signals confidence but also an expanded equity base at Rs. 129.33 per share, which sets a near-term reference price worth tracking.