Poonawalla Fincorp Limited announced that it would take the approval of shareholders through postal ballot to release equity shares on preference and increase the powers of borrowing of the board of directors. The duration of e-voting will start from July 26, 2025 and end on August 24, 2025.
The board has proposed to issue 3,31,48,102 equity shares to Rising Sun Holdings Private Limited at a price of ₹ 452.51 per share. Additionally, the board is trying to increase its borrowing powers to ₹ 75,000 crore.
The record date for determining eligible members to vote on resolutions is July 18, 2025. The results of the postal ballot will be declared on or before 26 August, 2025.
Details of preference allocation
| Details | Acquaintance |
|---|---|
| Proposed allotti | Rising Sun Holdings Private Limited |
| Number of equity shares | 3,31,48,102 |
| Face value | ₹ 2 per shares |
| Release price | 452.51 per share |
Details of postal ballot
| Details | Acquaintance |
|---|---|
| Remote e-voting date | July 26, 2025 (IST at 09:00 am) |
| Remote e-voting date | August 24, 2025 (IST at 05:00 pm) |
| Cut-off date | July 18, 2025 |
| Declaration of results | On or before 26 August, 2025 |
Details of resolutions
- Issue of equity shares on preference basis: The company proposes to issue 3,31,48,102 equity shares to Rising Sun Holdings Private Limited at a price of ₹ 452.51 per share, including a premium of ₹ 450.51 per equity share. The ‘relevant date’ to determine the price of equity shares is 25 July 2025. Equity shares will be subject to lock-in according to SEBI ICDR regulations and will be at the same level with existing equity shares.
- Increase in borrowing powers: The board wants approval to borrow up to ₹ 75,000 crore. This range includes loans, credit facilities, debentures, notes, bonds or borrowings taken through any loan instrument issued at domestic or international level.
- Building Safety Fee: The company is seeking approval to create safety fees on both current and future, its movable and immovable properties to secure its loan.
Strategic implication
Preference allocation of equity shares is to raise capital for the company. The increase in borrowing powers will give the company more financial flexibility to fund its growth and expansion plans. The construction of security fees will enable the company to secure its loan on favorable terms.
Procedure and deadline
Postal ballot notice has been sent electronically to members whose names appear in the list of members’ register/beneficial owners by July 18, 2025. Members can cast their vote through remote e-voting, which begins on 26 July 2025 and ends on 24 August 2025. The results will be declared on or before August 26, 2025, and will be available on the company’s website and stock exchanges websites.