Velox Shipping And Logistics Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/05/2025 ,inter alia, to consider and approve 1. To consider, ....
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Velox Shipping and Logistics has called a board meeting on May 6, 2025, primarily to approve audited financial results for the quarter and full year ended March 31, 2025. The board will also consider seeking shareholder approval (via postal ballot) to change the use of Rs. 7.62 crore raised through a preferential allotment in August 2022. Instead of its original purpose, the funds are proposed to be redirected toward acquiring or investing in a foreign entity called International Logistics Associates LLC (ILA), other inorganic acquisitions, working capital, and general corporate purposes. The trading window for designated persons remains closed until 48 hours after the board meeting outcome is announced.
For shareholders, the key event is the FY25 audited results due on May 6. The proposed redirection of Rs. 7.62 crore from its original use toward a foreign acquisition and general purposes could draw shareholder attention and requires their approval, which may be a sentiment-sensitive development.