E-voting for the ESTZ acquisition and Rs3,000 crore equity capital raise has opened today. Depending on your depository, you can use either of the following links to cast your vote. It takes less than two minutes to cast your vote.
https://evoting.cdslindia.com/Evoting/EvotingLogin
While I’m still not too optimistic about the capital raise resolution failing, there still remains a small probability about a favourable outcome. This specific resolution requires 60% of the total votes to pass. As of 31st March 2024, the sponsor holds only 7.69% of the total outstanding units while institutions hold 73.63% and non-institutions hold 18.68% of the total outstanding units. This fragmented unitholder base and high voting threshold present a small probability that enough non-sponsor unitholders may not vote in favor of the resolution for it to cross the 60% threshold. In such a scenario, votes cast by retail unitholders may prove to be the deciding factor. As a disclosure, while I voted in favor of the first resolution regarding the acquisition, I voted against the second resolution regarding the equity capital raise.
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