Enclosed herewith Voting Results of the Postal Ballot.
SCANSTL · price
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Scan Steels Limited has announced the results of a Postal Ballot conducted via remote e-voting from April 15 to May 14, 2025, with both resolutions approved by shareholders. The first, an Ordinary Resolution, sought approval to alter the company's Authorised Share Capital; it received 99.69% votes in favour (3,53,02,942 shares) out of 3,54,13,242 shares polled. The second, a Special Resolution, approved the issuance and allotment of up to 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS) on a private placement basis, also passing with 99.69% in favour. Promoter and Promoter Group (holding 2,85,74,156 shares, ~48.7% of total equity) voted unanimously in favour of both resolutions, while promoter group members were flagged as interested parties in both. Total shareholder count on the record date of April 11, 2025 was 11,990, with 60.43% of total equity participating in voting.
The approved authorised share capital alteration and OCRPS issuance give the company room to raise capital through private placement of preference shares that can later be converted to equity, potentially leading to dilution for existing shareholders. Promoters' unanimous support and their 'interested party' status suggest the OCRPS may be issued to promoter-related entities, which existing public shareholders should monitor closely.