Enclosed herewith Scrutinizer''s Report on Postal Ballot
SCANSTL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Scan Steels Limited conducted a postal ballot through e-voting from April 15, 2025 to May 14, 2025, seeking shareholder approval on two key items. The first was an ordinary resolution to alter the authorised share capital of the company. The second was a special resolution for issuing and allotting up to 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS) on a private placement basis. Both resolutions were passed with overwhelming support — 99.69% of votes cast in favour and only 0.31% against. Out of 11,990 total shareholders on the record date, 104 voted, with a turnout of 60.43% of outstanding equity shares (3,54,13,242 shares). Promoters holding 2,85,74,156 shares voted 100% in favour. Scrutinizer Abhijeet Jain of AJ & Associates validated the entire process. Promoter group was marked as interested in both resolutions.
Shareholders have greenlit a hike in authorised share capital and a private placement of OCRPS, signalling upcoming fundraising. Since promoters declared interest in the resolution, they may be the likely subscribers, which could dilute public shareholders if these preference shares are later converted into equity. Watch for the price, terms, and identity of allottees in the next announcement.