Divine Power Energy Limited (formerly known as PDRV Enterprises Limited) has announced that the shareholders have approved two key special resolutions at the Extra-Ordinary General Meeting (EGM) conducted on June 23, 2025, via Video Conferencing (VC) and Other Audio Visual Means (OAVM). The company disclosed the voting outcome and scrutinizer’s report to the National Stock Exchange of India Limited in compliance with Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 108 of the Companies Act, 2013.

The meeting saw participation from 24 shareholders via video conferencing, while e-voting was enabled for all eligible shareholders to ensure transparency and compliance.

Resolutions Passed During the EGM

The two special resolutions that were taken up during the meeting included:

1. Issuance of 12,00,000 Equity Shares on Preferential Basis

This resolution proposed the issuance of 12 lakh equity shares to be allocated on a preferential basis, a move typically undertaken by companies to raise funds quickly while offering equity to selected investors, potentially including strategic partners.

• Total valid votes cast: 1,66,92,580

• Votes in favour: 1,34,67,562 (80.68%)

• Votes against: 32,25,018 (19.32%)

The majority of shareholders supported this move, including 79.69% of promoter group votes and 97.70% of public non-institutional votes.

2. Alteration of Memorandum of Association (MOA)

This resolution proposed amending the MOA of the company to align with its evolving business model and strategic direction. Such alterations are typically intended to expand the scope of business or restructure corporate governance mechanisms.

• Total valid votes cast: 1,66,92,580

• Votes in favour: 1,34,67,580 (80.70%)

• Votes against: 32,22,018 (19.30%)

Again, the resolution received broad shareholder backing, reflecting consensus on the need for organizational flexibility and alignment with future plans.

Breakdown of Voting by Shareholder Category

No votes were recorded from institutional investors. The public non-institutional investors overwhelmingly voted in favour of both proposals, underlining their faith in the company’s direction and proposed expansion efforts.

Regulatory Compliance and Documentation

In accordance with the Companies Act, 2013 and SEBI LODR Regulation 44, the company submitted:

• Annexure A: Complete breakdown of e-voting results in prescribed SEBI format.

• Annexure B: Scrutinizer’s Report, confirming fair conduct of voting process and adherence to statutory norms.

These documents are also hosted on the company’s official website at www.dpel.in, ensuring complete transparency and access for stakeholders.

Corporate Implications and Strategic Direction

The approval of preferential share issuance indicates the company’s intent to raise capital swiftly, which may be used for expansion, investment in new projects, debt restructuring, or working capital augmentation. Such fundraising also reflects investor interest and confidence in the company's trajectory.

Meanwhile, the alteration of the MOA is a governance move that may include expanding the object clause, enabling entry into new business verticals, or restructuring internal frameworks for better operational agility.

These changes signal Divine Power Energy’s strategic shift toward aggressive capital mobilization and institutional strengthening, aligning with its long-term growth vision.

Conclusion

The EGM held by Divine Power Energy Limited on June 23, 2025, has resulted in the successful approval of key strategic resolutions, namely:

• Issuance of 12,00,000 equity shares on a preferential basis, and

• Alteration of the company’s Memorandum of Association.

The decisions were taken with strong majority backing and full regulatory compliance, reflecting shareholder confidence in the company’s financial strategies and expansion outlook.

The company, through its disclosures and e-voting mechanisms, has once again demonstrated its commitment to transparency, corporate governance, and proactive stakeholder engagement.

All future actions in line with these resolutions will be communicated to stakeholders as per the regulatory framework.

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