Last Mile Enterprises Limited (formerly known as Trans Financial Resources Limited) has announced its 30th Annual General Meeting (AGM) to be held on Tuesday, September 30, 2025, at 12:00 PM through video conferencing (VC) or other audio-visual means (OAVM).

Key AGM Details

• The company has fixed September 23, 2025, as the record date for dividend entitlement and e-voting purposes.
• The Board of Directors has recommended a final dividend of 2% on equity shares of Rs. 1 each for the financial year 2024-25, subject to shareholder approval at the AGM.
• If approved, the dividend will be payable from October 3, 2025.
• The remote e-voting period will commence on September 27, 2025, at 9:00 AM and end on September 29, 2025, at 5:00 PM.

Financial Performance Highlights

Last Mile Enterprises reported strong financial results for the fiscal year 2024-25:

Business Segments and Growth

The company operates in two primary segments:

1. Real Estate & Other Related Services
2. Mobile Accessories, Gadgets, and Other Related Items

Both segments have shown substantial growth, with the Mobile Accessories and Gadgets division contributing significantly to the overall revenue increase.

Corporate Actions

During the year, Last Mile Enterprises undertook several corporate actions:

• Issued 36,50,467 equity shares and 10,21,500 warrants on a preferential basis.
• Acquired a 51% stake in Fair Lane Realty Limited.
• Sub-divided the face value of its equity shares from Rs. 10 each to Rs. 1 each, with the record date set as March 21, 2025.

Appointment of Auditors

The AGM will also consider the appointment of:

• M/s. H S K & CO LLP, Chartered Accountants, as Statutory Auditors for a term of five years.
• M/s. A Shah & Associates as Secretarial Auditors for five consecutive financial years from FY 2025-26 to FY 2029-30.

Shareholders are encouraged to participate in the AGM through the provided VC/OAVM facility and exercise their voting rights on the proposed resolutions.

Last Mile Enterprises Limited, formerly known as Trans Financial Resources Limited, has submitted its monitoring agency report for the quarter ended June 30, 2025, revealing significant challenges in the utilization of funds raised through a Rs. 280.32 crore preferential issue.

Fund Utilization and Implementation Delays

According to the report issued by CARE Ratings Limited, the company has fully utilized Rs. 234.35 crore received so far. However, implementation delays have been observed in four out of seven objectives due to the non-receipt of majority warrant funds. The company's management stated that they have had to source funds from other company sources to finance the objects of the issue.

Warrant Conversion Uncertainty

The current share price of Rs. 15.16 (as of August 13, 2025) is significantly lower than the warrant exercise price of Rs. 45, casting doubt on the likelihood of warrant conversion. This situation has created uncertainty regarding the timely completion of the company's objectives through issue proceeds.

Changes in Shareholding Structure

The report also highlighted a notable change in the company's shareholding pattern. Promoter shareholding has decreased from 47.31% at the end of March 2024 to 27.03% by the end of June 2025. The company explained that this reduction was due to the allotment of shares against warrants issued to non-promoters in April 2022, for which the balance money was paid during the financial year 2024-25.

Utilization of Funds

Despite the challenges, Last Mile Enterprises has reported full utilization of the funds received so far:

Ongoing Concerns and Future Outlook

The monitoring agency report indicates that there have been no deviations from the disclosed objects. However, timeline extensions are pending statutory warrant payment deadlines. The company's board of directors emphasized that there is a statutory timeline for the payment of warrants under law, and they will wait until then to arrive at any conclusions regarding the completion of objectives and fund utilization.

As the situation unfolds, investors and stakeholders will be closely watching Last Mile Enterprises' ability to navigate these challenges and fulfill its stated objectives in the coming months.