Ugro Capital Limited has informed the Exchange regarding Notice of Postal Ballot
UGROCAP · price
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Awaiting price reaction for this filing.
Ugro Capital has issued a postal ballot notice seeking shareholder approval for three special resolutions. The key item is the issuance of up to 49,421,464 compulsorily convertible debentures (CCDs) at ₹185 per security on a preferential basis, raising up to ₹914.30 crores from 106 identified non-promoter allottees. The largest subscribers include Samena Green Ltd (₹500 crores), ACM Global Fund VCC (₹168 crores), and Chartered Finance and Leasing Ltd (₹66 crores). The CCDs carry a 12.5% upfront coupon and are convertible into equity shares within 18 months from allotment. The other two resolutions seek to increase the authorised share capital from ₹215 crores to ₹270 crores and update the capital clause in the Memorandum of Association accordingly. E-voting will run from May 21, 2025 to June 19, 2025, with the cut-off date set as May 16, 2025.
If approved, the preferential CCD issuance will raise substantial capital for the company but will lead to equity dilution upon conversion (up to ~4.94 crore new shares). Shareholders should evaluate the dilution impact and the 12.5% coupon cost before casting their vote, while the stock may see short-term pressure depending on the perceived attractiveness of the issue price.