Checkpoint Trends Limited , a company listed on the Bombay Stock Exchange (BSE: 531099), has announced ambitious plans to raise Rs. 670.00 crore through two separate fundraising initiatives. The company's Board of Directors has approved the issuance of convertible warrants worth Rs. 170.00 crore on a preferential basis and equity shares through a Qualified Institutions Placement (QIP) for up to Rs. 500.00 crore.

Convertible Warrants Issuance

The company plans to issue convertible warrants worth Rs. 170.00 crore to 14 non-promoter entities. Key details of this issuance include:

• Number of Warrants: Approximately 3,84,61,539 warrants
• Conversion Ratio: Each warrant is convertible into one equity share
• Conversion Period: 18 months from the date of allotment

Notable allottees and their approximate warrant allocations include:

It's worth noting that Pradeep Kumar and Shubham Chaudhary, both whole-time directors of the company, are among the allottees.

Qualified Institutions Placement (QIP)

In addition to the convertible warrants, Checkpoint Trends Limited has approved the issuance of equity shares through a QIP for up to Rs. 500.00 crore. The QIP will be conducted in accordance with Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable laws.

Regulatory Approvals and Next Steps

Both fundraising proposals are subject to shareholder and regulatory approvals. The Board has also approved the notice for an Extraordinary General Meeting (EGM) to seek shareholder approval for these initiatives.

Management Commentary

Pradeep Kumar, Whole-time Director of Checkpoint Trends Limited, signed off on the company's disclosure to the BSE, indicating management's commitment to these fundraising plans.

Market Impact

These fundraising initiatives, if successful, will significantly bolster Checkpoint Trends Limited's financial position. The influx of capital could potentially be used for expansion, debt reduction, or other strategic initiatives, which may impact the company's future growth prospects.

Investors and market watchers will be keenly observing the outcome of the EGM and the subsequent steps in the fundraising process. The successful completion of these initiatives could potentially influence the company's stock performance and market perception in the coming months.

Checkpoint Trends Limited (formerly Rubra Medicaments Limited) has successfully concluded a significant postal ballot process, with shareholders showing strong support for two key resolutions that will shape the company's future.

Resolutions Passed with Near-Unanimous Approval

The e-voting period, which ran from August 21 to September 20, saw participation from 83 out of 2,459 total shareholders. Both resolutions received overwhelming approval, with 99.93% of votes cast in favor:

1. Increase in authorized share capital and consequent alteration to the capital clause of the Memorandum of Association (Ordinary Resolution)
2. Addition to the Object Clause of Memorandum of Association (Special Resolution)

Voting Details

The voting results, as scrutinized by MNB & Co. LLP, reveal:

Procedural Highlights

• The company utilized the e-voting facility provided by Central Depository Services (India) Limited (CDSL).
• The cut-off date for shareholder eligibility was set as August 15.
• In compliance with MCA circulars and SEBI Listing Regulations, the Postal Ballot Notice was sent electronically to all members registered as of August 14.
• The e-voting module was disabled by CDSL after the voting period concluded.

Implications for Checkpoint Trends Limited

The approval of these resolutions signifies a pivotal moment for Checkpoint Trends. The increase in authorized share capital could potentially provide the company with greater financial flexibility, while the amendment to the Object Clause may allow for diversification or expansion of business activities.

Pradeep Kumar, Whole-time Director of Checkpoint Trends Limited, confirmed that all resolutions were passed with the requisite majority, emphasizing the transparent and fair nature of the voting process.

The successful completion of this postal ballot demonstrates strong shareholder confidence in the company's strategic direction. As Checkpoint Trends moves forward with these approved changes, stakeholders will be keen to observe how these developments translate into operational and strategic advancements for the company.

The results of the postal ballot were officially declared on September 22, marking a new chapter in Checkpoint Trends Limited's corporate journey.