According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), the institutional voting percentage stood at over 50% in 11 of the 12 companies, with a high of 92.2%.
Institutional investors have favoured all the 12 resolutions since October 29, with eight of them approving with 100% of votes cast. According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), the institutional voting percentage stood at over 50% in 11 of the 12 companies, with a high of 92.2%.
Two resolutions of Nazara Technologies (both to issue preferential shares), and Sterling and Wilson Solar ’s (SWSL) resolution to issue 29.33 million shares to Reliance New Energy Solar (RNESL) for Rs 1,100 crore, among others, were approved during the week.
Earlier in October, Reliance Industries’ wholly-owned subsidiary RNESL agreed to acquire up to 40% stake in Sterling & Wilson Solar (SWSL) for a total payout of Rs 2,845 crore. Five resolutions of Inox Wind — including increasing its authorised share Rs 160 crore from Rs 50 crore and transferring the EPC business to its wholly-owned subsidiary Resco Global Wind Services Private Ltd (RGWSPL) — were among others that were approved with 100% majority.
The institutional voting percentage was at above 50% in 11 of the 12 resolutions, with a high of 92.2%. Gujarat Fluorochemicals’ resolution to approve a Rs 100-crore limit for inter-corporate loans between the group companies received 36.1% negative votes; Inox Wind’s resolution to issue preference shares worth Rs 100 crore to Devansh Trademart was voted against by 12% of the total institutional investors’ votes.
The institutional shareholding in these companies is relatively low, with Nazara Technologies at 13.7% being the highest, and Inox Wind at 2.6% the lowest, data showed. In comparison, institutional investors had favoured all the nine resolutions of two companies for the seven-day period starting October 24, with a majority of more than 83% of the total votes cast. These included two resolutions of Eicher Motors and seven of Accelya Solutions.