The Postal Ballot Notice has been sent to the members holding shares of the Company as on Cutoff date i.e., May 30, 2025, by e-mail for the approval on the below business: 1. Alteration ....
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Shree Marutinandan Tubes has sent a postal ballot notice to shareholders for two special resolutions. The first resolution seeks to alter the Articles of Association by inserting a new clause titled 'Further issue of capital' to give the company broader powers to raise further capital. The second resolution seeks approval for a preferential allotment of up to 47,57,280 fully convertible warrants at Rs. 103 per warrant, aggregating up to Rs. 48.99 crores. Allottees include Managing Director Vikram Sharma (2,37,900 warrants from the promoter group) and 17 non-promoter public category individuals (45,19,380 warrants in total). Warrants carry a face value of Rs. 10 per underlying equity share, are convertible within 18 months from allotment, and require 25% upfront payment with the balance on conversion. E-voting runs from June 6 to July 5, 2025, with results to be announced by July 7, 2025. Proceeds are intended for working capital, capital expenditure, general corporate purposes (capped at 25%), and issue expenses.
If approved, the company can raise up to roughly Rs. 49 crores in tranches over the next 18 months, which will boost working capital and fund expansion plans. However, successful warrant conversion will lead to dilution of existing shareholders by up to 47,57,280 additional equity shares, and part of the issue is being made to the promoter group, indicating promoter participation in the fundraising.