Institutional investors voted against Elpro International’s resolution to hike the intercorporate transaction limit with a whopping 100% of votes cast, while they favoured 22 resolutions since November 12.
According to data compiled by proxy advisory firm Institutional Investor Advisory Services India (IiAS), EIL’s resolution to hike intercorporate transaction limit to Rs 2,500 crore from Rs 1,000 crore was not in favour of the institutional investors.
The institutional holding in Elpro stands at 13.8%, while 42.4% of the institutional investors had cast their votes.
Post its sale stake in PNB MetLife Insurance Company (PMICL) for Rs 1,430 crore and subsequent inflow of liquidity, Elpro was seeking approval for an increase in its ICD limit to mobilise financial resources for future opportunities. Despite the dissent, the resolution was approved.
However, Elpro International’s resolution seeking approval for the sale of 229.8 million shares in PMICL to MetLife International Holdings was approved by the entire 100% of institutional investors’ votes.
Similarly, Procter & Gamble Hygiene & Health Care’s three resolutions were also approved by 100% votes of institutional investors at the company’s annual general meeting (AGM). These ranged from approval for dividends to remuneration to auditors and adoption of financial statements.
Macrotech Developers’ resolution seeking issuance of equity or equity-linked securities for Rs 4,000 crore and four resolutions of Dhani Services (issuance of preferential shares to various firms) were also approved with cent per cent votes. Institutional investors also approved two resolutions each of Dhani Services (appointment of directors) and Indiabulls Housing Finance (appointment of auditors) with 99.9% of total votes cast.
Nucleus Software Exports’ approval to buyback of 2.27 million shares for a total of Rs 158 crore (98.9%) and Grasim Industries’ appointment of director (97.5%) were among others approved by institutional investors during the seven-day period, data showed.
For the previous comparable week beginning November 4, institutional investors had favoured 34 resolutions, with 18 of them — including that of Mahindra & Mahindra Financial Services — approved with a whopping 100% of votes cast.