PLEASE FIND THE DISCLOSURE FOR REAPPOINTMENT OF SECRETERIAL AUDITOR.
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Simplex Castings reported strong FY25 results with revenue from operations rising about 41% to ₹171.88 crore (from ₹122.13 crore in FY24) and net profit jumping to ₹15.13 crore (from ₹2.39 crore), with EPS at ₹21.39 versus ₹3.90. The board approved reappointment of promoter Ketan Moolchand Shah as Chairman and CEO for another five years from July 10, 2025, subject to shareholder approval. It also reappointed the Secretarial Auditor (5 years), Cost Auditor, and Internal Auditor for FY26, and received an unmodified opinion from statutory auditor Harsh Jain & Associates. Additionally, the board cleared a preferential issue of up to 5,75,862 equity shares at ₹246 each (₹236 premium) to raise about ₹14.17 crore, with the promoter subscribing to the bulk of it and his stake rising from 37.64% to 39.49%.
Strong profit growth and continued promoter control are positive signals, but the preferential issue at a premium will modestly dilute non-promoter shareholders and increases the promoter's already significant stake. Shareholders will need to approve the CEO reappointment and the preferential allotment at the EGM on June 21, 2025.