Shri Venkatesh Refineries Aims for Main Board Listing, Approves Migration from SME Platform

Shri Venkatesh Refineries Limited (SVRL), a prominent player in the oil refining industry, has taken a significant step towards enhancing its market presence. The company's board of directors has approved the migration of SVRL's listing from the Small and Medium Enterprises (SME) platform to the main board of the stock exchange.

Strategic Move for Growth

The decision, made during a board meeting on September 8, reflects SVRL's ambition to elevate its market position and attract a broader investor base. By transitioning to the main board, the company aims to increase liquidity, visibility, and participation from retail investors.

Key Highlights of the Board Meeting

• Migration Approval: The board has given the green light to initiate the process of migrating from the SME platform of BSE Limited to the main boards of both BSE and the National Stock Exchange (NSE).

• Shareholder Approval: The migration is subject to shareholder approval and compliance with regulatory requirements, including those set by the Securities and Exchange Board of India (SEBI) and the respective stock exchanges.

• Special Resolution: A special resolution will be put to vote, requiring approval from shareholders other than promoters. The resolution will be considered passed if the votes in favor are at least twice the number of votes against the proposal.

Additional Corporate Actions

The board meeting also addressed several other important matters:

• Annual General Meeting: The 23rd Annual General Meeting (AGM) has been scheduled for September 30, to be held via video conferencing.

• Book Closure: The company has announced a book closure period from September 24 to September 30, for the AGM and to determine eligibility for any dividend declared.

• E-voting Cut-off Date: September 23 has been set as the cut-off date for e-voting rights for the AGM.

• Registered Office Relocation: A proposal to shift the registered office from Jalgaon to Mumbai has been approved, subject to shareholder consent.

Implications for Investors

The potential migration to the main board is expected to bring several benefits to SVRL and its shareholders:

• Enhanced recognition in the market
• Increased liquidity of the company's shares
• Broader participation from institutional and retail investors
• Potential for improved valuations

Management's Perspective

Prasad Kabre, Whole Time Director of Shri Venkatesh Refineries, stated, "The board's decision to migrate to the main board aligns with our growth strategy and commitment to creating value for our shareholders. We believe this move will position SVRL in a different league altogether, opening up new opportunities for the company."

As Shri Venkatesh Refineries prepares for this significant transition, investors and market watchers will be keenly observing the company's progress. The upcoming AGM on September 30 will be a crucial event where shareholders will have the opportunity to vote on these strategic decisions that could shape the future of SVRL in the Indian stock market.