Voting Results of the Postal Ballot through remote e-voting along with the report of the Scrutinizer.
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 announced the results of its Postal Ballot conducted via remote e-voting from April 15 to May 14, 2025. Two resolutions were passed with overwhelming majority: (1) Ordinary Resolution to alter the Authorised Share Capital of the Company, and (2) Special Resolution to issue and allot up to 20,42,133 Optionally Convertible Redeemable Preference Shares (OCRPS) on a private placement basis. Out of 11,990 shareholders holding 5,86,02,295 total shares, 60.43% of votes were polled, with 99.69% voting in favour and only 0.31% against both resolutions. Promoters holding 2,85,74,156 shares (100%) voted entirely in favour, while public non-institutions showed 98.39% support. The scrutinizer, CS Abhijeet Jain of AJ & Associates, confirmed both resolutions were passed with requisite majority.
The approval to alter Authorised Share Capital and issue OCRPS on private placement signals that the company is preparing to raise capital, likely from promoters or select investors, which could lead to equity dilution if the preference shares are converted. Shareholders should monitor upcoming announcements regarding the terms, pricing, and identity of the allottees of these preference shares.