V2 Retail Limited Shareholders Approve Share Sub-division and Capital Clause Amendment with 99% Support

V2 Retail Limited has successfully concluded its postal ballot process on March 08, 2026, with shareholders providing overwhelming approval for two significant corporate actions. The company announced the voting results on March 09, 2026, demonstrating strong shareholder confidence in the proposed restructuring initiatives. Postal Ballot Resolutions and Outcomes The postal ballot addressed two critical matters requiring shareholder approval. Both resolutions achieved remarkable success with more than 99% of shareholders voting in favour of the proposals. Resolution Description Votes in Favour Votes Against Approval Rate Resolution 1 Sub-division of Equity Shares 22,950,857 82 99.99% Resolution 2 Alteration of Capital Clause 22,950,856 83 99.99% Voting Process and Timeline The company initiated the postal ballot process with a notice dispatched on February 05, 2026, to shareholders whose names appeared in the register as of January 30, 2026. The remote e-voting facility was provided through MUFG Intime India Private Limited's electronic platform. Key Timeline Details: Cut-off Date: January 30, 2026 Notice Dispatch: February 05, 2026 E-voting Period: February 06, 2026 (9:00 AM IST) to March 08, 2026 (5:00 PM IST) Results Declaration: March 09, 2026 Detailed Voting Analysis by Shareholder Categories The voting results revealed strong participation across all shareholder categories, with the total shareholding of 36,463,755 shares and 22,950,939 votes polled, representing 62.94% participation. Resolution 1: Share Sub-division Results Shareholder Category Shares Held Votes Polled Participation Rate Votes in Favour Approval Rate Promoter and Promoter Group 18,754,890 18,564,428 98.98% 18,564,428 100.00% Public Institutions 4,280,381 3,618,191 84.53% 3,618,191 100.00% Public Non-Institutions 13,428,484 768,320 5.72% 768,238 99.99% Resolution 2: Capital Clause Amendment Results The second resolution regarding alteration of the capital clause in the Memorandum of Association received similarly strong support across all categories, with promoter and institutional shareholders providing unanimous approval. Scrutinizer's Report and Compliance Sharwan Kumar Goel of Kumar Sarwan & Co., Chartered Accountants, served as the appointed scrutinizer for the postal ballot process. The scrutinizer was appointed by the Board of Directors through a resolution dated February 03, 2026, ensuring independent oversight of the voting process. The postal ballot was conducted in compliance with Section 108 and Section 110 of the Companies Act, 2013, along with applicable rules and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The process also adhered to various MCA circulars and guidelines issued for conducting postal ballots through electronic voting. Corporate Governance and Regulatory Compliance V2 Retail Limited demonstrated strong corporate governance practices by conducting the postal ballot process entirely through electronic means, in accordance with regulatory requirements. The company ensured proper communication to shareholders through multiple channels, including company website, NSE, and BSE platforms. The successful completion of both resolutions with such overwhelming shareholder support indicates strong alignment between management proposals and shareholder interests, positioning the company for its planned corporate restructuring initiatives. V2 retail has successfully completed the utilization of its entire Qualified Institutions Placement (QIP) proceeds worth ₹39,999.99 lakhs by December 31, 2025. The monitoring agency India Ratings & Research Private Limited submitted its quarterly report on February 5, 2026, confirming no deviations from the stated objectives and complete fund deployment. QIP Issue Details and Structure The QIP was conducted from October 30, 2025, to November 3, 2025, involving the issuance of 18,74,414 equity shares with a face value of ₹10.00 each at ₹2,134.00 per share. The issue was oversubscribed and raised the targeted amount for the apparel retailer's expansion and debt optimization plans. Parameter Details Issue Period October 30 - November 3, 2025 Equity Shares Issued 18,74,414 Issue Price per Share ₹2,134.00 Total Issue Size ₹39,999.99 lakhs Face Value ₹10.00 per share Fund Utilization Breakdown The company deployed the QIP proceeds across three primary objectives as outlined in the placement document. The utilization exceeded the original allocation in working capital and general corporate purposes while maintaining the planned debt repayment amount. Objective Planned Amount (₹ Lakhs) Actual Utilization (₹ Lakhs) Variance (₹ Lakhs) Working Capital Requirements 16,500.00 16,525.26 +25.26 Debt Repayment 13,500.00 13,500.00 - General Corporate Purposes 9,080.00 9,320.25 +240.25 Issue Expenses 919.99 654.48 -265.51 Total 39,999.99 39,999.99 - Working Capital and Debt Management The company utilized ₹16,525.26 lakhs for working capital requirements, slightly exceeding the planned ₹16,500.00 lakhs allocation. The additional ₹25.26 lakhs was adjusted from the general corporate purposes allocation. For debt management, V2 Retail repaid ₹13,500.00 lakhs worth of cash credit facilities by transferring the issue proceeds directly to cash credit accounts, though the corresponding credit limits were not reduced. General Corporate Purposes Deployment The general corporate purposes category saw enhanced utilization of ₹9,320.25 lakhs against the planned ₹9,080.00 lakhs. This increase resulted from surplus funds due to lower actual issue expenses and reallocation from unused issue expense provisions. GCP Utilization Category Amount (₹ Lakhs) Vendor Payments 9,271.84 Statutory Dues (TDS) 48.13 Bank Charges 0.28 Total GCP Utilization 9,320.25 Monitoring Agency Assessment India Ratings & Research Private Limited, appointed as the monitoring agency under SEBI regulations, confirmed complete compliance with the placement document objectives. The agency's report, based on management undertakings, statutory auditor certificates, and relevant bank statements, found no deviations from the disclosed objects and no unfavorable events affecting project viability. Timeline Performance V2 Retail completed the entire fund utilization by December 31, 2025, ahead of the planned fiscal 2026 timeline mentioned in the placement document. This early completion demonstrates efficient capital deployment and project execution capabilities across all three major fund utilization categories. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. 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