Ugro Capital Limited has informed the Exchange regarding 'Intimation of withdrawal of notice of postal ballot.'.
UGROCAP · price
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Ugro Capital has withdrawn the postal ballot notice it had sent to shareholders on May 20, 2025, which sought their approval for issuing Compulsorily Convertible Debentures (CCDs) on a preferential basis to identified investors. The original proposal was to use 75% of the proceeds for business lending and 25% for general corporate purposes. On June 17, 2025, the Board approved a new acquisition transaction, which changes the purpose of the fundraising. As a result, the Board has cancelled the earlier approval, the ongoing e-voting process (EVEN 133771) has been discontinued, and the previous notice stands withdrawn. A fresh Board meeting is scheduled for June 20, 2025 to approve a revised CCD allotment that includes funding for the acquisition, after which a new postal ballot with revised terms will be issued to shareholders.
Shareholders will not vote on the original CCD proposal as planned; a new postal ballot with revised terms tied to the acquisition will be issued shortly. Investors should watch the June 20 board meeting for details of the acquisition and the new fundraising plan, as it could affect the company's capital structure and dilution.