Ugro Capital has rescinded the earlier approval for the preferential issue of Compulsorily Convertible Debentures (CCDs) that was to augment the capital base.
The decision to rescind follows a proposed acquisition transaction approved by the Board on June 17, 2025.
The original plan was to use at least 75% of the preferential issue proceeds towards augmenting the capital base and resources for meeting funding requirements for the company’s business activities including onward lending, and 25% towards general corporate purposes.
The Board has approved withdrawal of the postal ballot notice dated May 20, 2025, with immediate effect, and the ongoing e-voting will be discontinued.
A board meeting will be convened on June 20, 2025, to approve the revised preferential allotment of CCDs, including using the proceeds for funding the acquisition.
A fresh postal ballot notice would be issued for seeking approval of the shareholders with revised terms and conditions.