Submission of voting result and scrutinizer report of AGM for the financial year ended on 31st march 2025
Awaiting price reaction for this filing.
Shri Niwas Leasing And Finance Limited held its 40th AGM on 30th August 2025 via video conferencing (2:09 PM to 2:35 PM), where all 9 resolutions were passed with overwhelming majority of 99.97% in favour. Only 78,508 votes were polled out of ~39.97 lakh outstanding shares (just 1.96% participation), with 11 public shareholders attending through VC and no promoters present. Key resolutions included adoption of FY25 financial statements, appointment of M/s VRSK & Associates as statutory auditor, appointment of secretarial auditor for FY26, regularisation of two new independent directors (Mr. Ravindra Dilip Davrung and Ms. Rekhaben Sanjay Bhanushali), amendment to loan agreements, and an increase in authorised share capital. The most significant resolution was the approval to issue up to 4,00,00,000 (4 crore) equity shares on a preferential basis to non-promoters upon conversion of outstanding unsecured loans, representing massive potential dilution of ~10x the current share base.
The AGM outcomes are largely procedural, but the preferential issuance of up to 4 crore equity shares (vs existing ~40 lakh shares) to convert unsecured loans is a major dilution event for existing shareholders. Even though all resolutions passed with near-unanimous support, the low voter turnout (~2%) means few shareholders effectively endorsed these changes. Shareholders should watch for further announcements on the actual conversion pricing and timeline of this preferential issue.