Extra Ordinary General Meeting of the Members of the Royal Cushion Vinyl Products Limited is scheduled to be held through video conferencing or other Audio Visual Means on Monday April, 28, 2025.
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Awaiting price reaction for this filing.
Royal Cushion Vinyl Products Limited has called an Extra-Ordinary General Meeting on April 28, 2025 at 12:30 PM via video conferencing to seek shareholder approval on two key items. First, to increase the company's authorised equity share capital from Rs 50 crore (5 crore shares of Rs 10 each) to Rs 55 crore (5.5 crore shares of Rs 10 each). Second, to issue up to 46,36,500 equity shares at Rs 30 per share on a preferential basis to 21 private investors, raising approximately Rs 13.91 crore. The company says the funds will support business growth, expansion, and provide permanent capital. The filing also references a pending scheme of arrangement (merger) with Royal Spinwell and Developers Pvt Ltd awaiting NCLT approval. The relevant date for pricing is March 28, 2025, and the e-voting cut-off date is April 21, 2025.
If approved, the preferential issue will lead to dilution of existing shareholders' stake by issuing new shares at Rs 30 per share (a premium to face value of Rs 10). The capital increase also prepares the company for the pending RCVPL-RSDPL merger scheme. In the short term, stock may see mild pressure on announcement of dilution, but the Rs 13.91 crore fundraise and growth plans could be positive for long-term investors.