Please find enclosed Corrigendum to the Postal Ballot Notice dated 14.08.2025
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The company issued a corrigendum on September 16, 2025 to its Postal Ballot Notice dated August 14, 2025, making three corrections: reclassifying Mr. Joby George and Mr. Sandeep Babu from 'Public' to 'Promoter' category, fixing the wording around the creation of 2,50,00,000 additional equity shares of ₹10 each (₹25 crore), and adding a new disclosure (point 23) about the current and proposed promoter/non-promoter status of allottees. The Postal Ballot seeks shareholder approval for three resolutions: (1) increasing authorised share capital from ₹50 crore to ₹75 crore (adding 2.5 crore equity shares), (2) preferential allotment of 1,31,21,442 equity shares at ₹30.50 each to The Central Financial Credit and Investment Co-operative (India) Ltd against purchase of land and building worth ₹40.02 crore, and (3) preferential allotment of 98,91,227 equity shares at ₹30.50 each to promoter and public allottees for an aggregate ₹30.17 crore. E-voting closes on September 19, 2025.
Existing public shareholders will see meaningful dilution from both preferential allotments, while the promoter reclassification of two large allottees (Joby George and Sandeep Babu T) alters the company's shareholding pattern. The land-and-building deal converts a co-operative's real estate into equity of the listed entity, increasing its asset base but also its equity base significantly.