Sindhu Trade Links Gains Investor Backing as Shareholders Approve Sainik Mining Acquisition, Capital Expansion Plans
New Delhi [India], June 19: Shares of Sindhu Trade Links Ltd. are likely to remain in focus after shareholders approved a series of strategic resolutions at the company’s Extra-Ordinary General Meeting (EGM), including the proposed acquisition of a majority stake in Sainik Mining and Allied Services Ltd. and an increase in the company’s authorised share capital.
The EGM, held virtually on June 18, witnessed shareholders considering and approving key proposals aimed at strengthening the company’s long-term growth strategy. The meeting commenced at 3:00 PM and concluded at 3:25 PM under the chairmanship of Rudra Sen Sindhu.
Among the major developments, shareholders approved the acquisition of a 50.1% equity stake (21,36,765 shares) in Sainik Mining and Allied Services Ltd. The transaction will be executed through a share swap mechanism, with the company issuing Cumulative Compulsorily Convertible Preference Shares (CCPS) on a preferential basis in line with the agreed exchange ratio.
Investors also gave their nod to the execution of the transaction involving Advent Coal Resources Pte. Ltd., including the valuation review, exchange ratio, allotment of shares on a pari passu basis, lock-in provisions and ultimate beneficial ownership (UBO) declarations. The proposal was passed as a special resolution.
In another significant move, shareholders approved an increase in the company’s authorised share capital along with the consequent amendment to the capital clause of its Memorandum of Association. The company also secured approval for proposed material related-party transactions through ordinary resolutions.
The company informed the exchanges that voting on all resolutions was conducted through remote e-voting as well as electronic voting during the virtual meeting. The scrutiniser’s report and detailed voting results will be submitted separately and uploaded on the company’s website within two working days.
The approvals mark another milestone in Sindhu Trade Links’ expansion strategy, with the proposed acquisition expected to strengthen its presence in the mining and allied services segment while providing additional flexibility for future capital allocation initiatives.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
