Sandur Manganese & Iron Ores Limited has informed the Exchange regarding Notice of Postal Ballot
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Sandur Manganese & Iron Ores has sent a Postal Ballot Notice dated 8 August 2025 seeking shareholder approval through remote e-voting for two key proposals. Resolution 1 (Special Resolution) seeks to increase the Authorised Share Capital from ₹200 crore (20 crore equity shares of ₹10 each) to ₹600 crore (60 crore equity shares of ₹10 each). Resolution 2 (Ordinary Resolution) seeks approval for issuing bonus shares in a 2:1 ratio, i.e., 2 new equity shares for every 1 existing share, by capitalising up to ₹324.07 crore from the company's free reserves. Total available reserves stood at ₹2,581.41 crore as of 30 June 2025. The company cites strong financial performance, successful integration of Arjas Steel Private Limited, and aims to improve share liquidity and affordability for retail investors. E-voting runs from 12 August 2025 to 10 September 2025, with results to be declared on or before 12 September 2025.
If approved, shareholders will receive 2 additional shares for each share they hold, increasing the share count by 3x and potentially lowering per-share price proportionally. The share capital expansion also provides headroom for the previously approved QIP plan of up to ₹1,000 crore, signalling possible future fund-raising activity. Existing shareholders benefit from bonus shares at no extra cost, though EPS will dilute accordingly.