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GP Eco Solutions Appoints Manish Grover as Independent Director, Approves Key Business Proposals
Team Finance Saathi
16/Jan/2025
What's covered under the Article:
- GP Eco Solutions appoints Manish Grover as Independent Director, subject to shareholder approval.
- Company approves investments up to ₹300 Cr and subscription to rights issue of Invergy India.
- Board approves CSR expenditure of ₹13 Lakh for FY 2024-25 and finalizes EGM details.
On January 16, 2025, GP Eco Solutions India Limited held a crucial board meeting where several important decisions were made, shaping the company’s direction for the year ahead. The meeting, held in compliance with the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) regulations, witnessed the approval of key initiatives to boost the company's growth and governance framework.
Appointment of Mr. Manish Grover as Independent Director
One of the most significant developments was the appointment of Mr. Manish Grover (DIN: 10862270) as an Additional Director in the Non-Executive, Independent Category of the company. Mr. Grover brings over 36 years of experience in the oil and gas sector, having been a part of Indian Oil Corporation Limited (IOCL), where he led transformative programs such as iDRIVE, PAHAL DBTL, and the Pradhan Mantri Ujjwala Yojana (PMUY). His leadership experience in such high-impact projects is expected to provide invaluable insight and guidance to GP Eco Solutions. His appointment is subject to shareholder approval at the upcoming Extra-Ordinary General Meeting (EGM).
Investment and Loan Approval for Growth
The board also approved making investments, granting loans, providing securities, or issuing guarantees for up to ₹300 crore in aggregate. This move is aimed at expanding the company’s portfolio and boosting its financial base, offering greater flexibility to invest in growth opportunities. The approvals are set to be executed in one or more tranches as mutually agreed upon. The company also aims to ensure shareholder approval for this significant move to bolster its strategic initiatives.
Subscription to Invergy India Rights Issue
In another important development, the board sanctioned the subscription to the rights issue of 788,791 equity shares of Invergy India Private Limited at a price of ₹96.35 per share. This subscription reflects GP Eco’s ongoing strategy to make strategic investments in key areas that align with its long-term vision.
Private Placement Offer for AN3 Techno Power
The board also approved the private placement offer of 29,56,866 equity shares of AN3 Techno Power Limited, under the terms and conditions outlined by the issuing company. This decision represents GP Eco’s continued commitment to diversifying its investment portfolio and ensuring its financial stability through strategic acquisitions and partnerships.
Purchase of Shares in GPES Green Projects Private Limited
As part of its strategic expansion, the board considered and approved the purchase of 510 shares of GPES Green Projects Private Limited. This acquisition aligns with GP Eco’s focus on strengthening its foothold in the green and sustainable business sector.
CSR Expenditure Approval
Another important decision taken by the board was the approval of ₹13 Lakh for Corporate Social Responsibility (CSR) activities in FY 2024-25. This expenditure will be directed toward causes in line with the company’s CSR policy, showcasing GP Eco’s commitment to social responsibility and community engagement.
EGM Details Finalized
Finally, the board finalized the date, time, and venue for the company’s Extra-Ordinary General Meeting (EGM), which will be conducted on Monday, February 10, 2025, at 2:30 PM via Video Conferencing (VC) and Other Audiovisual Means (OAVM). This meeting will be crucial for obtaining shareholder approvals on several matters, including the appointment of Mr. Grover and the investments being made by the company.
With these developments, GP Eco Solutions is positioning itself for further growth and operational efficiency in the upcoming year. The focus on expanding its investment base, corporate governance, and social responsibility activities is a clear indicator of its long-term vision.