IRM Energy Limited — Important, 31-12-2024: General Updates

The board of directors has approved the redemption of 3,49,99,432 unlisted 10% Non-Cumulative Redeemable Preference Shares held by Cadila Pharmaceuticals Limited, the promoter company. The redemption will amount to Rs. 34.99 crore, to be paid from the company's profits available for distribution as of March 31, 2024. Following this redemption, the issued and paid-up preference share capital of the company will be reduced to nil. This strategic move may strengthen the company's capital structure, potentially enhancing shareholder value going forward.