Magson Retail And Distribution Limited — Important, 21-01-2025: Updates

The Board of Directors of Magson Retail and Distribution Limited has approved several significant actions to enhance the company’s operational capabilities and governance framework.

An increase in the Authorized Share Capital from ₹11 crore to ₹25 crore has been proposed, subject to shareholder approval, along with amendments to the Memorandum of Association. The Board also resolved to adopt a new set of Articles of Association to comply with the Companies Act 2013 and SEBI Listing Regulations.

Additionally, Mr. Robert Gomes has been appointed as an Additional (Non-Executive) Independent Director for five years, bringing substantial experience from the shipping and logistics sector. M/s. H D Panchal & Co. has been appointed as the Internal Auditor for the financial year ending March 31, 2025.

In a strategic move, the company plans to acquire the businesses of Farmags Associates LLP and Food Book Associates LLP for ₹72.5 lakh in total, enhancing its market presence within the food and beverages industry. Finally, the Board has decided to raise funds of up to ₹100 crore through a preferential issue of convertible equity warrants, pending regulatory and shareholder approvals. These steps indicate a proactive approach to growth and governance reforms, worthy of close investor attention.