Remsons Industries Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on May 06, 2025
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Remsons Industries held an Extraordinary General Meeting (EGM) on May 6, 2025, where shareholders approved the issue and allotment of 3,19,994 equity shares of Rs. 2 each at a price of Rs. 132 per share (including a premium of Rs. 130 per share). The shares are being issued on a preferential basis as consideration for acquiring 26,400 equity shares of Rs. 10 each in Astro Motors Private Limited. The resolution was passed with overwhelming support, with 99.9998% of polled votes in favour and only 25 votes against. Total valid votes polled stood at 1,50,69,558 shares (43.2% of the outstanding share base of 3,48,78,785 shares). The promoter group was not interested in the resolution, while public non-institutions showed near-unanimous support as well.
This is a non-cash acquisition (share swap) valued at approximately Rs. 4.22 crore, where Remsons is diluting equity by issuing ~0.92% of its existing share base to acquire Astro Motors Private Limited. Existing shareholders have strongly endorsed the move. The stock may see a short-term technical impact from the share issuance, but the dilution is modest and the acquisition strategy has clear shareholder backing.