PROCEEDINGS OF THE EGM DATED 03RD DECEMBER, 2025
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Swojas Foods Ltd held its Extraordinary General Meeting (EGM) on December 3, 2025, via video conferencing. The meeting had 8,677 members on record as of the cutoff date (November 26, 2025). Four key resolutions were tabled and put to vote through remote e-voting on the NSDL platform. Two of these sought to regularize the appointment of Independent Directors Ms. Ranu Jain and Mr. Abhay Kumar Sethia, while another re-designated Mr. Pallav Pareshkumar Dave from Independent Director to Non-Executive, Non-Independent Director. The fourth and most significant resolution was a preferential issue of up to 4,84,84,500 convertible equity share warrants at Rs. 16.50 each (face value Rs. 10, premium Rs. 6.50), potentially raising up to about Rs. 80 crore from non-promoter allottees. Voting results will be declared within two working days.
The biggest takeaway for shareholders is a potential equity dilution of up to ~4.85 crore shares via convertible warrants, which could raise around Rs. 80 crore but also expand the share base significantly. The re-designation of an Independent Director to a Non-Independent role slightly weakens independent board representation. Voting outcomes will confirm whether these measures have shareholder approval.