Voting Results along with Scrutinizer''s report
Awaiting price reaction for this filing.
Manappuram Finance Limited held an Extra-Ordinary General Meeting on April 16, 2025, via video conferencing, where all 4 resolutions were passed with the requisite majority. Resolution 1 was an Ordinary Resolution to increase the Authorised Share Capital and alter the Capital Clause of the Memorandum, which passed with 98.8% in favour (56.16 crore votes for vs 68.24 lakh against). Resolution 2 was a Special Resolution to amend the Articles of Association, also passing with 98.8% in favour. Resolution 3 approved the issuance of Equity Shares and Warrants via a Preferential Issue on a private placement basis, with 99.53% in favour overall, though Public Institutions dissented notably at 18.13%. Resolution 4, covering the adoption of Amended/Restated Articles of Association and grant of Special Rights to identified shareholders, received the lowest support at 91.63% in favour (52.08 crore vs 4.76 crore against), reflecting the highest dissent at 8.37%. Promoters voted 100% in favour of all resolutions, and roughly 67% of the outstanding 84.64 crore shares were polled in total.
Shareholders should note that the approved preferential issue of equity shares and warrants will result in equity dilution for existing shareholders, while the grant of special rights to identified shareholders may give those holders enhanced control or veto powers. The relatively higher dissent on the special rights resolution (8.37%) signals some institutional and minority investor discomfort, which warrant attention.