Submission of disclosure of Voting results of the EGM- Regulation 44(3) of SEBI (LODR) held on 22-04-2025
SIMPLEXINF · price
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Awaiting price reaction for this filing.
Simplex Infrastructures held an Extra-Ordinary General Meeting on 22 April 2025 via video conferencing, where 42 shareholders (13 promoters/promoter group and 29 public) participated. Shareholders approved all five special resolutions, including issuance of equity shares to non-promoters and warrants to promoter group and non-promoters on a preferential basis. A key resolution was the conversion of part of National Asset Reconstruction Company Limited's (NARCL) outstanding loan into equity, giving NARCL a 15% stake on a fully diluted basis under the Master Restructuring Agreement signed on 15 January 2025. Shareholders also approved the appointment of Mr. Gurumurthy Ramanathan (DIN: 10366010) as NARCL's Nominee Director and Mr. Subrata Kumar Ray (DIN: 11003975) as Independent Director. All resolutions passed with over 99.9% approval from voting shareholders, with negligible dissent (around 900-1,600 votes against).
The approvals mark a major step in Simplex's financial restructuring, with NARCL converting debt into a 15% equity stake — effectively diluting existing shareholders and giving the lender board representation. Preferential allotments to promoters and new investors signal fresh equity infusion, but also indicate the company needed rescue capital. The stock may see pressure from the NARCL stake conversion, though the restructuring itself is aimed at long-term debt resolution.