Remsons Industries Limited has informed the Exchange about Corrigendum to the Notice of 01/2025-26 Extra-Ordinary General Meeting ( EGM ) of the members of the Company scheduled to be held on Tuesday, 6th May, 2025 at 11:30 a.m.
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Remsons Industries has issued a corrigendum to its EGM notice (originally dated 9th April, 2025) after receiving observations from NSE on the explanatory statement. The EGM is scheduled for 6th May, 2025. The corrigendum clarifies the company's plan to acquire 88,900 equity shares (51.01% post-issue stake) of Astro Motors Private Limited, an electric vehicle maker focused on 3-wheelers for cargo, passenger, loader, and micro-mobility segments. The acquisition has two parts: subscribing to 62,500 new shares of Astro at Rs. 1,600 per share for Rs. 10 crore cash, and acquiring 26,400 shares from Astro's promoters through a share swap, where Remsons will issue 3,19,994 of its own equity shares at Rs. 132 each (including Rs. 130 premium). The corrigendum also updates the list of 11 non-promoter allottees and the share swap valuation details.
If approved at the EGM, Remsons will gain a controlling 51.01% stake in an EV company, marking a strategic entry into the electric vehicle space, though it will result in equity dilution (3,19,994 new shares issued). The stock may see increased attention due to the EV sector linkage, but investors should review the valuation of the swap and Astro Motors' business prospects before the EGM vote on 6th May, 2025.