Magson Retail And Distribution Limited — Others, 21-01-2025: Amendment to AOA/MOA

Magson Retail and Distribution Limited has announced a board meeting outcome addressing key corporate actions. The Board has approved increasing Authorized Share Capital from ₹11 crores to ₹25 crores and adopting new Articles of Association aligned with the Companies Act, subject to shareholder approval. Mr. Robert Gomes has been appointed as an Additional Independent Director, bringing extensive experience in shipping and logistics. Additionally, M/s. H D Panchal & Co. has been appointed as the Internal Auditor for the fiscal year ending March 31, 2025. The Company will also acquire Farmags Associates LLP and Food Book Associates LLP for a total of ₹72.5 lakhs, aiming to enhance its market position by operating more retail stores under its name. Lastly, the Board plans to raise up to ₹100 crores through the issuance of convertible securities. This strategic move could boost growth prospects, indicating a positive outlook for investors.