Services
GST Registration Online
Paisalo Digital Ltd Announces Changes in Preferential Allotment and EGM Notice Update
Team Finance Saathi
16/Jan/2025
What's Covered under the Article:
- Paisalo Digital Ltd revises its preferential allotment list, reducing the issue size to ₹1.96 billion.
- The company issues a corrigendum to the EGM Notice, reflecting changes in the preferential issue.
- The revised allotment list now includes new and modified categories of proposed allottees.
In an important update from Paisalo Digital Ltd, the company's Board of Directors convened on January 16, 2025, and made significant revisions to their earlier decision about the preferential allotment of Convertible Equity Warrants. This decision follows their initial announcement on December 23, 2024, regarding the proposal to raise funds through the issuance of these Convertible Warrants by way of preferential allotment to the Non‐Promoter, Public Category. This decision, however, was subject to various approvals, including those from members and regulatory bodies.
The changes approved in the Board Meeting have reduced the issue size to ₹1,96,63,89,200, a significant adjustment from the earlier amounts. The Board had reviewed and reassessed the Proposed Allottees, taking into account various documents, identifying disqualifications, and resolving certain other issues. As a result, the list of allottees was revised, removing some names from the initial list, leading to a more streamlined and revised preferential issue process. The new list now includes prominent investors and financial entities, with ELYISAN WEALTH FUND being allocated the highest number of warrants.
Following these changes, the company's Board has also approved the issue of a corrigendum to the Notice of the Extra-Ordinary General Meeting (EGM) scheduled for January 22, 2025. This corrigendum will reflect the necessary modifications to the special resolution and its explanatory statement. These modifications stem from the revised allotment list and adjustments that were made to the initial terms of the preferential issue. The Board authorized the dissemination of this updated EGM Notice to the members who had previously received the initial notice, ensuring that all stakeholders are adequately informed.
The Board's meeting, which began at 2:30 PM and concluded at 2:55 PM, thus marked a pivotal moment in Paisalo Digital Ltd's corporate activities, setting the stage for the upcoming EGM and ensuring compliance with all necessary statutory requirements.