Event Date: N/A
The following is a comprehensive summary of the provided PDF document:
Board Meeting Outcome and Financial Results
Frick India Limited, in a letter dated August 14th, 2024, informed the Metropolitan Stock Exchange of India Limited about the outcome of its Board Meeting held on the same day, commencing at 4:00 PM and concluding at 6:25 PM. The communication is in compliance with Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The board approved the unaudited (reviewed) provisional financial statements/results along with the Cash Flow Statement for the quarter ended June 30, 2024, for the financial year 2024-2025.
Bonus Issue Recommendation:
The board recommended the issuance of 9 bonus equity shares for every 1 fully paid-up equity share. This will be funded by capitalizing at least Rs. 5,99,97,500/- from the General Reserve Account, sourced from the free reserve account as per the audited financial statements for the year ended March 31st, 2024. The bonus shares, with a face value of Rs. 10/- each, will be credited as fully paid-up equity shares to existing equity shareholders as of the record date, which will be intimated separately, subject to shareholder approval.
Alteration of Capital Clause and Increase in Authorized Capital:
The board also recommended altering the "Capital Clause - Clause V" of the Memorandum of Association. It proposed increasing the authorized capital from Rs. 3,00,00,000/- (30,00,000 equity shares of Rs. 10/- each) to Rs. 20,00,00,000/- (2,00,00,000 equity shares of Rs. 10/- each).
Annexure 1: Bonus Shares Details
Other Approvals and Information:
The board approved the Notice of the Postal Ballot to seek shareholder approval on the aforementioned matters. The detailed disclosure required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13th, 2023, regarding the Bonus Issue, is enclosed as Annexure I.
Independent Auditor's Review Report
Lodha & Co LLP, Chartered Accountants, conducted a review of the unaudited financial results for the quarter ended June 30, 2024. The review was performed in accordance with the Standard on Review Engagement (SRE 2410). They stated that nothing came to their attention to suggest that the financial results do not comply with applicable accounting standards (Ind AS) and the Listing Regulations, or that they contain any material misstatement.
Unaudited Financial Results for the Quarter Ended June 30, 2024 (Rs. in Lakhs)
Notes on Financial Results:
The results were reviewed by the Audit Committee and taken on record by the Board of Directors. The Company's primary business is Industrial Refrigeration and Air conditioning systems, constituting a single reportable segment. Figures for previous periods have been regrouped/rearranged where necessary. The figures for the quarter ended March 31, 2024, are balancing figures between audited figures and reviewed year-to-date figures.
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