The Company issues a second corrigendum/ addendum to the EGM notice and explanantory statement for issuance of share warrants on preferential basis
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Awaiting price reaction for this filing.
Velox Shipping and Logistics Ltd has issued a second corrigendum to its EGM notice (originally dated December 17, 2025) regarding the proposed preferential issue of convertible warrants. The key change: the entire ₹4 crore proceeds will now be used solely for working capital, with the earlier capital expenditure component removed. The warrant issue price has been fixed at ₹12 per share, determined by independent valuer ValuGenius Advisors LLP, since the stock is classified as infrequently traded on BSE. BSE had directed these corrections through communications on December 26, 2025 and February 24, 2026. Shareholders who already cast votes on this resolution can revise them between March 3 and March 5, 2026.
Existing shareholders should note that the warrant issue will lead to dilution, as the allottees are set to hold over 5% of post-issue share capital. The narrowed use of proceeds to working capital only signals a focus on operational liquidity rather than growth expansion, which may temper any positive sentiment on the fundraise.