Foseco India Limited has announced that an Extra-Ordinary General Meeting (EGM) will be held on September 21, 2025, to approve the issuance and allotment of equity shares on a preferential basis. The remote e-voting period will commence on September 18, 2025, and end on September 20, 2025.
The EGM will address several key resolutions, including:
- Approval for the issue, offer, and allotment of equity shares on a preferential basis.
- Increase in the authorized share capital and consequential amendments to the Memorandum of Association.
- Appointment of Mr. Manuel Antonio Delfino Aguilera as a Non-Executive Non-Independent Director.
- Approval for investing the company's funds in excess of the limit under Section 186 of the Companies Act, 2013.
The meeting will be conducted through video conferencing (VC) or other audio-visual means (OAVM) to transact the mentioned businesses. The venue for the meeting will be the registered office of the company at Gat Nos. 922 & 923, Sanaswadi, Taluka Shirur, District Pune - 412 208.
Key Resolutions for Approval
The special business to be transacted at the EGM includes the approval for the issue, offer, and allotment of 11,50,800 equity shares of the company, constituting 15.27% of the total issued and paid-up equity share capital, to MCIL Promoters at a price of ₹5,674 per share. This preferential issue is subject to the terms and conditions of the Share Purchase Agreement and the receipt of necessary regulatory approvals.
Additionally, the EGM will seek approval to increase the authorized share capital from ₹7.50 Crores to ₹9.00 Crores, divided into 90,00,000 equity shares of ₹10 each.
Appointment of Director
The board has proposed the appointment of Mr. Manuel Antonio Delfino Aguilera as a Non-Executive Non-Independent Director. His appointment is based on the recommendation of the Nomination and Remuneration Committee (NRC) and the approval of the Board of Directors.
Investment Approval
The members will also consider approving investments of up to ₹1,000 Crores, which exceed the limits prescribed under Section 186 of the Companies Act, 2013. This approval will enable the company to make loans, provide guarantees, or acquire securities in other bodies corporate.
E-Voting and Meeting Details
The remote e-voting will begin on September 18, 2025, at 0900 Hours (IST) and end on September 20, 2025, at 1700 Hours (IST). Members holding shares as of the cut-off date, September 14, 2025, are eligible to vote electronically.
Members can access the EGM Notice on the company's website and the websites of the BSE Limited and National Stock Exchange of India Limited.
The EGM will be conducted via video conferencing, and members can participate through the NSDL e-voting platform. The company has provided detailed instructions for members to cast their votes electronically and join the meeting through VC/OAVM.
The company has appointed Jayavant B. Bhave as the Scrutiniser to oversee the e-voting process in a fair and transparent manner. The results will be declared and placed on the company's website and the NSDL website.
The remote e-voting will begin on September 18, 2025, at 0900 Hours (IST) and end on September 20, 2025, at 1700 Hours (IST).
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