Approval of members for alteration of Memorandum & Articles of Association of the company
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Members of the company have approved five special resolutions through a postal ballot. These include increasing the authorised share capital and amending the capital clause, issuing up to 48,87,356 equity shares to non-promoters on a preferential basis, and issuing up to 93,12,364 fully convertible warrants to non-promoters on a preferential basis. Members also approved adopting a new set of MOA as per the Companies Act, 2013, and altering the object clause of the MOA. The postal ballot results will be displayed at the registered office and on the company's website.
The preferential allotment of equity shares and convertible warrants to non-promoters will dilute existing shareholders' stake. The change in the object clause indicates the company may be moving into new business areas, which could reshape its future revenue profile.