Submission of Consolidated Scrutinizer report with voting results of EGM of the Company held on 22-04-2025
SIMPLEXINF · price
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Simplex Infrastructures held an Extra-Ordinary General Meeting on 22 April 2025 where all 5 special resolutions were passed with overwhelming majority (over 99.99% votes in favour). The resolutions cover: (1) issuance of equity shares to non-promoters on a preferential basis, (2) issuance of warrants to promoter group and non-promoters on a preferential basis, (3) conversion of part of NARCL's outstanding loan into equity shares so that NARCL holds 15% equity on a fully diluted basis under the Master Restructuring Agreement dated 15 January 2025, (4) appointment of Mr. Gurumurthy Ramanathan as NARCL Nominee Director with approved remuneration, and (5) appointment of Mr. Subrata Kumar Ray as Independent Director. Voting was conducted via remote e-voting and e-voting at the EGM, scrutinized by A.K. Labh & Co., Company Secretaries.
Existing shareholders will face equity dilution from the preferential share and warrant issuances as well as the debt-to-equity conversion by NARCL. The NARCL conversion is a key step in the company's debt restructuring under the Master Restructuring Agreement, and the appointment of a NARCL nominee director signals the bad bank's increased influence over the company going forward.