With Reference to Captioned subject please find enclosed herewith Notice of EGM to be held on Friday, May 09, 2025 at 04:00 P.M.
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Trident Lifeline Limited has called an EGM on May 9, 2025 at 4:00 PM (via video conference) to seek shareholder approval for two special resolutions. The first is to increase the authorised share capital from Rs. 12 crore (1.2 crore equity shares of Rs. 10 each) to Rs. 15 crore (1.5 crore equity shares of Rs. 10 each). The second is to issue up to 9,99,000 fully convertible equity warrants at Rs. 266 per warrant on a preferential basis, raising up to about Rs. 26.57 crore in total. Buyers include promoters, promoter group entities (such as Hardik Desai Family Trust getting the largest chunk of 1,89,000 warrants), and non-promoter individuals and companies. Allottees must pay 25% upfront and the balance 75% within 18 months on conversion; the resulting shares will carry a 5-year lock-in. The company plans to use the money for working capital, investments in subsidiaries/joint ventures, repaying secured borrowings, business expansion, and general corporate purposes. E-voting window opens May 6, 2025 and closes May 8, 2025.
Existing shareholders should note this is a fund-raising move that will dilute their stake once warrants are converted into shares — promoter holdings stay around 62–63% before and after the issue, while public dilution is modest. If the warrants are not converted within 18 months, the upfront 25% paid will be forfeited. The preferential issue is being done at a price (Rs. 266) slightly above the SEBI-determined floor of Rs. 265.45, and the stock may see short-term pressure depending on how the market views the dilution and use of funds.