Intimation under Reg 30 of SEBI (LODR) Reg, 2015 as amended read with applicable circulars issued thereto, (SEBI LODR Regulations) - Withdrawal of Proposed Preferential issue upto 46,36,500 ....
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Royal Cushion Vinyl Products has withdrawn its planned preferential issue of up to 46.36 lakh equity shares to private investors. The company had received board approval in March 2025, shareholder approval at an EGM on April 28, 2025, and even secured in-principle approval from BSE on June 4, 2025. However, many of the proposed investors backed out, citing current market uncertainties, volatility, and the significant time gap since the proposal was first considered. As a result, the company will not proceed with the allotment. The management has stated that this withdrawal will not have any material impact on business operations or financial stability, and may explore other capital-raising options in the future if needed.
The company will not receive the capital it had planned to raise through this preferential issue, which could delay any growth or expansion plans that depended on these funds. However, management reassures that existing operations remain unaffected, though the stock may see some negative sentiment given the failed fundraising attempt.