Zodiac Clothing Company Limited has informed the Exchange regarding Notice of Postal Ballot
ZODIACLOTH · price
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Awaiting price reaction for this filing.
Zodiac Clothing Company has issued a postal ballot notice seeking shareholder approval for three special resolutions through e-voting (19th June to 18th July 2025). The first resolution proposes issuing up to 13,44,086 equity shares to promoters Mr. Mohamed Anees Noorani and Mr. Salman Yusuf Noorani (6,72,043 each) on a preferential basis at Rs. 111.60 per share, raising up to approximately Rs. 15 crores. The proceeds will be used for capital expenditure to support growth plans (Rs. 11.25 crore) and general corporate purposes (Rs. 3.75 crore). The floor price of Rs. 111.45 was determined as per SEBI ICDR Regulations based on the 10-day VWAP. The second and third resolutions seek approval for revising the remuneration of two Whole-Time Directors, Mr. Mohamed Awais Jehangir Noorani and Mr. Adnan Salman Noorani, effective 1st April 2025 until 31st March 2027. Promoter shareholding will increase from 45.43% to 48.11% post-issue, resulting in modest dilution for non-promoter shareholders.
If approved, the preferential issue will lead to a small equity dilution (about 2.68%) for existing non-promoter shareholders, while promoters strengthen their holding and signal confidence by infusing fresh capital. The fund raise of ~Rs. 15 crores supports the company's growth plans, and the revision in director remuneration will increase management compensation costs going forward.