AVI Polymers Ltd clarifies operational status and promoter shareholding following news report
AVI Polymers Limited has issued a clarification regarding a misleading news article published by Bhaskar English, addressing concerns related to its company operations and the reduction in promoters' shareholding.The Company stated that the statements and conclusions presented in the news article were incorrect and based on unverified information. The reports suggesting issues with the Company’s operations or existence have been categorically denied.
Clarification on Office Premises and Operations
AVI Polymers Ltd confirmed its Registered Office is located at Shop No. 02, 5th Floor, Roshpa Tower, Main Road, Ranchi G.P.O., Ranchi, Jharkhand. The Company also noted that its Corporate Office is situated at S3, Shreejala Prime, Near Priyan Heritage, Opp. Prajapita Brahma Kumaris Ishwariya Vishwa Vidyalaya, Sardar Ganj, Anand, Gujarat.The management clarified that the premises referenced in the news article do not constitute the Registered Office of AVI Polymers Limited, and any inference drawn regarding the company’s operations or existence based on such a premise is factually inaccurate. The Company confirmed it continues to conduct its affairs in the ordinary course of business.
Promoter Shareholding Status Explained
The clarification addressed observations in the news article regarding the reduction in promoters' shareholding, stating that this depiction was also misleading.The reduction in the percentage of the Promoters’ shareholding did not occur due to any sale or transfer of shares by the Promoters. The change in the percentage holding is attributed solely to a Rights Issue undertaken by the Company, which resulted in an increase in the company's paid up equity share capital.
The Company noted that while the Promoters continued to hold the same number of equity shares, their percentage shareholding stood diluted due to the increased total number of outstanding equity shares. The reduction should therefore not be interpreted as a divestment or exit by the Promoters.
AVI Polymers Limited emphasized that no representative from Bhaskar English approached or contacted the Company for verification or comments prior to publishing the article, contributing to the incomplete and misleading nature of the publication.
Stock Price Movement
At the close of trade on Wednesday, AVI Polymers Ltd shares settled at ₹17.59, edging higher by 4.95%. The stock navigated a tight intraday range, with shares fluctuating between the low of ₹17.58 and the high of ₹17.59.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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