Classic Filaments Ltd

📈 Classic Filaments Ltd Expands into IT & Strengthens Leadership

- Board approved the recommendation for appointment and regularization of Mr. Vikkas Bansal as Chairman and Managing Director.

- Board approved the regularization of Mr. Tarun Jain as Executive Director.

- Board approved the regularization of Mr. Maneesh Gupta and Mr. Sushil Aggarwal as Independent Directors.

- Board approved the regularization of Ms. Sathi Kundu as a Woman Independent Director.

- Adoption of Memorandum of Association (MOA) and Articles of Association (AOA) as per Companies Act, 2013.

- Approval for the issue of 47,17,740 equity shares on a preferential basis to non-promoter, public category investors at Rs. 51.50 per share.

- Increase in Authorised Share Capital of the Company by amending the MOA.

- Alteration of the object clause of the MOA.

- Increase in the borrowing limits of the Company up to INR 100 crores.

- Increase in threshold for loans/guarantees, providing securities, and making investments under Section 186 of the Companies Act, 2013 up to INR 100 crores.

- Acquisition of Procasts Engineering Private Limited (51% stake, approx. INR 12 crores) and Solven Power Systems Private Limited (75% stake, approx. INR 2 crores).

- Opening of a new division in the Information Technologies sector for future business growth.

- Call, convene, and hold an Extra Ordinary General Meeting for approvals.

- Preferential allotment details include 53 investors, with total proceeds of INR 242,963,610 for 47,17,740 equity shares.