Outcome of the meeting of the Board of Directors of Company held today i.e. 15th May 2025
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Travels & Rentals Limited held a Board meeting on 15th May 2025 where the directors approved increasing the company's authorised share capital from Rs 12 crore (1.20 crore equity shares of Rs 10 each) to Rs 25 crore (2.50 crore equity shares of Rs 10 each), along with a corresponding amendment to Clause V of the Memorandum of Association. The Board also approved convening an Extraordinary General Meeting (EGM) on 12th June 2025 at 3 PM via video conferencing to seek shareholder approval for the capital increase. Mr. Binay Kumar Pandey, Practising Company Secretary, was appointed as the Scrutinizer for the EGM. The Board meeting commenced at 2:00 PM and concluded at 3:00 PM.
The proposed doubling-plus of authorised share capital signals potential fundraising plans in the pipeline, though no specific issue price, timing, or purpose has been disclosed yet. Shareholders will need to vote on this at the EGM on 12th June 2025, and the move could pave the way for a future equity dilution if the additional capital is utilised.