Nitco Limited has disclosed the outcome of its postal ballot process conducted to seek shareholder approval for the monetization of company property. The resolution sought approval for "the monetization of Company's immovable property situated at Kanjurmarg, Mumbai and enter into conveyance deed or agreement with M/s. R Siddhatva Developers Private Limited, a step down subsidiary company of M/s. Runwal Construction Private Limited."

Voting Process and Timeline

  • The postal ballot notice was dated May 13, 2026, and dispatched to shareholders on May 25, 2026
  • The remote e-voting period commenced on May 28, 2026, at 9:00 AM IST and ended on June 27, 2026, at 5:00 PM IST
  • The cut-off date for determining voting rights was May 15, 2026
  • Mr. B. Durga Prasad Rai, Practicing Company Secretary (Membership No: A10060; CP No: 4390), was appointed as scrutinizer
  • The voting was conducted through NSDL's e-voting platform (https://www.evoting.nsdl.com/)

Voting Results

Resolution 1 (Special Resolution): Approve monetization of Kanjurmarg property

  • Total valid votes cast: 165,725,278 shares (68.904% of outstanding shares)
  • Votes in favor: 165,721,845 shares (99.9979% of votes cast)
  • Votes against: 3,433 shares (0.0021% of votes cast)
  • Invalid votes: NIL
  • Number of members who voted: 109 members voted in favor, 14 members voted against

Category-wise Voting Breakdown

Promoter and Promoter Group:

  • Shares held: 48,519,741
  • Votes polled: 48,428,198 (99.8113% of shares held)
  • Votes in favor: 48,428,198 (100% of votes polled)
  • Votes against: 0

Public Institutions:

  • Shares held: 8,691,494
  • Votes polled: 4,339,238 (49.9251% of shares held)
  • Votes in favor: 4,339,238 (100% of votes polled)
  • Votes against: 0

Public Non-Institutions:

  • Shares held: 183,304,870
  • Votes polled: 112,957,842 (61.6229% of shares held)
  • Votes in favor: 112,954,409 (99.997% of votes polled)
  • Votes against: 3,433 (0.003% of votes polled)

Outcome and Effective Date

The resolution has been duly approved by shareholders with requisite majority and is deemed to have been passed on June 27, 2026 (the last date of remote e-voting).

Additional Information

The scrutinizer's report dated June 29, 2026, has been submitted and the information is available on the company's website at www.nitco.in. The total number of shareholders on record date (May 15, 2026) was 27,129.