Super Spinning Mills Limited has informed the Exchange regarding Notice of Postal Ballot
SUPERSPIN · price
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Super Spinning Mills Limited has issued a postal ballot notice seeking shareholder approval to sell, lease, or otherwise dispose of its land and building at 'Elgi Towers', Puliakulam Road, Coimbatore, which is the company's registered and central office. The disposal, proposed as a Special Resolution under Section 180(1)(a) of the Companies Act, 2013 and SEBI Regulation 37A, will be on an 'as is where is' basis to buyers who are not related parties, at a consideration not less than market value. The company says the sale is part of a strategic business restructuring, with proceeds to be used to pay off long-term and short-term debts and meet other business requirements. The e-voting window runs from 9:00 AM on June 24, 2025 to 5:00 PM on July 23, 2025, with results to be announced within two working days. The cut-off date to be eligible to vote is June 20, 2025, and the resolution additionally requires that votes cast by public shareholders in favour exceed those against, per SEBI Regulation 37A.
Selling the registered office is a notable step indicating the company is monetising a core asset to reduce debt, which could strengthen the balance sheet if the realised price is fair, but also signals financial pressure on this small-cap textile firm. Shareholders should watch the final sale price, buyer identity, and the actual use of proceeds once the deal closes, as the outcome will directly affect leverage and future operations.