L.T. Elevator revises allottee for preferential issue
L.T. Elevator Limited revised its EGM notice to replace the proposed allottee for a preferential issue of 26,596 shares with Resource Vincom Private Limited. The EGM on June 13, 2026, will seek approval to raise up to ₹4999.82 lakh for a new factory, acquisitions, and general corporate purposes.
*this image is generated using AI for illustrative purposes only.
l. t. elevator has issued a corrigendum to the notice of its Extra-Ordinary General Meeting (EGM) scheduled for June 13, 2026, substituting the proposed allottee for its preferential issue. The company replaced Rainbow Agri Commodities Pvt. Ltd. with Resource Vincom Private Limited as the recipient of 26,596 equity shares in the non-promoter category. The EGM will be held through video conferencing to seek shareholder approval for the issuance.
The corrigendum modifies resolution 03 of the original EGM notice and the accompanying explanatory statement. Consequently, the disclosure regarding the shareholding of the proposed allottee has been updated to state that none of the proposed allottees presently hold any equity shares in the company. The ultimate beneficial owners of the new allottee, Resource Vincom Private Limited, are identified as Rajendra Bhutra and Anju Devi Bhutra. The company confirmed that there will be no change in control or management consequent to the preferential issue.
The company intends to utilize the proceeds from the preferential issue, aggregating up to ₹4999.82 lakh, for specific objects. The allocation includes ₹1500.00 lakh for financing capital expenditure to set up a new factory, ₹2750.00 lakh for funding inorganic growth through unidentified acquisitions, and ₹441.82 lakh for general corporate purposes. Additionally, ₹308.00 lakh is allocated to bear the expenses related to the preferential allotment.
Utilization Schedule
The company has outlined a schedule for the deployment of funds. The capital expenditure for the new factory is to be utilized within 18 months from the date of allotment, while funds for acquisitions are to be deployed within 12 months. The amounts for general corporate purposes and issue expenses are to be utilized within 24 months from the date of allotment.
Object of the Issue
| Sr. No | Object of the Issue | Amount (In Lakhs) | Schedule for Utilization |
|---|---|---|---|
| 1 | To Finance capital expenditure requirement for setting up of a new factory | Upto 1500.00 | Within 18 months from the date of allotment |
| 2 | To fund inorganic growth opportunities through unidentified acquisitions | Upto 2750.00 | Within 12 months from the date of allotment |
| 3 | General Corporate Purposes | Upto 441.82 | Within 24 months from the date of allotment |
| 4 | To bear the expenses related to this preferential allotment | Upto 308.00 | Within 24 months from the date of allotment |
| Total | Upto 4999.82 |
The proposed new factory aims to consolidate manufacturing operations at a single location to enhance operational efficiencies. The company has acquired land in Howrah, West Bengal, for this facility. Regarding acquisitions, the management stated that while preliminary discussions are ongoing, no definitive agreements have been finalized as of the notice date. Pending utilization, the proceeds will be invested in money market instruments or scheduled commercial bank deposits.
Historical Stock Returns for L. T. Elevator
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.02% | -4.25% | +25.51% | +29.54% | +62.35% | +62.35% |
What specific criteria will L.T. Elevator use to identify potential acquisition targets with the allocated ₹2750.00 lakh?
How will the consolidation of manufacturing operations at the new Howrah facility impact the company's production capacity and cost structure?
What is the strategic rationale behind replacing Rainbow Agri Commodities with Resource Vincom Private Limited as the allottee?
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