Longspur International Ventures Approves Rs 15 Crore Preferential Share Issue and Key Board Changes

Longspur International Ventures Limited , formerly known as Confidence Finance and Trading Limited, has announced a series of significant corporate decisions following a board meeting. The company's board has approved several key measures aimed at strengthening its financial position and governance structure.

Preferential Share Issue

The board has given the green light for a preferential issue of up to 1.5 crore equity shares at Rs 10.00 per share, aiming to raise up to Rs 15.00 crore. This issue will involve 21 allottees, including both promoters and non-promoters. The move is expected to bolster the company's capital base and provide funds for future growth initiatives.

Authorized Share Capital Increase

In a strategic move to accommodate future expansion, the board has approved an increase in the company's authorized share capital from Rs 21.00 crore to Rs 50.00 crore. This significant boost in authorized capital provides Longspur with greater flexibility for future fundraising and corporate actions.

Board Appointments and Reappointments

The board has recommended several key changes to its leadership structure:

1. Re-appointment of Managing Director: Shri Manoj Naginlal Jain has been recommended for re-appointment as the Managing Director, designated as an Executive Director.

2. New Independent Directors: The board has recommended the appointment of two new Additional Independent Directors:

   • Mr. Manish Rajendra Saklecha
   • Ms. Jyoti Bansal

Both appointments are subject to shareholder approval at the upcoming 45th Annual General Meeting (AGM).

Corporate Governance Measures

To enhance its corporate governance practices, Longspur has taken the following steps:

1. Secretarial Auditor Appointment: M/s Ritika Agrawal and Associates, Practicing Company Secretaries, have been appointed as the Secretarial Auditor for a term of five consecutive years, subject to shareholder approval.

2. E-Voting Arrangements: The company has announced remote e-voting facilities for the 45th AGM. The e-voting period will run from 9:00 AM to 5:00 PM.

3. Book Closure: The Register of Members and Share Transfer Books will remain closed for the AGM.

Annual General Meeting

The 45th Annual General Meeting of Longspur International Ventures Limited is scheduled at 11:00 AM at the company's registered office.

These comprehensive measures reflect Longspur International Ventures' commitment to strengthening its financial position, enhancing corporate governance, and setting the stage for future growth. Shareholders and potential investors will be keenly watching how these decisions impact the company's performance and market position in the coming months.