Poojawestern Metaliks Ltd Announces Proposed Rights Issue of Equity Shares
Poojawestern Metaliks Limited has announced a proposal to issue partly paid-up equity shares of the company for an amount not exceeding Rs. 1500 Lakhs. The issuance is planned as a Rights Issue to eligible shareholders as of a record date to be determined and notified at a later stage.The Board of Directors approved the proposal subject to shareholder approval and any other necessary regulatory or statutory permissions. The specific details regarding the rights issue, including the determination of the issue price, rights entitlement ratio, timing, and payment terms, will be finalized by the Board or a specifically constituted Committee of the Board.
Promoter Group Loan Conversion
The company has also considered and approved a request from the promoter group, including Mr. Sunil D. Panchmatiya, Mr. Anil D. Panchmatiya, Mr. Vivek Panchmatiya, and Mr. Meet Panchmatiya. The proposal involves the conversion of their non-interest bearing Outstanding Unsecured Loan into equity shares of the company against the exercise of their rights in the proposed Rights Issue. This action is also subject to shareholder approval.Governance and Voting Procedures
To facilitate the approval process for these agenda items, the Board has approved the Postal Ballot Notice and Calendar of Events. The following measures have been established to ensure a transparent voting process:| Activity | Details |
|---|---|
| Remote E-Voting Agency | National Securities Depository Limited (NSDL) |
| Scrutinizer | M/s. SCS and Co. LLP, Practicing Company Secretaries |
| Notice Accessibility | Hosted on the company website and sent via email to shareholders |
The company confirmed that a copy of the Postal Ballot Notice will be provided to the exchange and the e-voting agency as soon as it is dispatched to the shareholders.
Rights Issue Overview
The proposed issuance is structured as follows:| Particulars | Details |
|---|---|
| Type of securities proposed to be issued | Equity Shares (Partly Paid up) |
| Type of issuance | Rights Issue |
| Total amount for which securities will be issued | Up to Rs. 1500 Lakhs |
Stock Price Movement
Poojawestern Metaliks Ltd settled at ₹18.89, edging up 0.69% after the close of trade on Thursday. Shares fluctuated between a low of ₹18.11 and a high of ₹19.34 during the session.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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