Virtuoso Optoelectronics Wins 99.81% Shareholder Nod to Shift From BSE SME to Main Boards of BSE and NSE

Nashik, November 25: Virtuoso Optoelectronics Limited has announced that it has received 99.81% shareholder approval to shift its shares from the BSE SME platform to the Main Boards of BSE and NSE. The company announced that it received the approval after the conclusion of its postal ballot process.

Shareholders Give 99.81% Approval

The company’s special resolution to shift its shares from BSE SME platform NSE and BSE received 99.81% votes in favour from non-promoter shareholders. The approval exceeded the minimum required approval, with only 0.19% votes against the approval. Promoters of the company did not cast their vote, in line with the guidelines of SME migration. In total, 1,28,890 votes were cast in favour, while 250 votes were cast against the resolution.

Other Approved Resolutions

The company also approved amendments to the VOEPL Employee Stock Option Scheme 2023, and a proposal to increase the company’s authorised share capital from ₹35 crore to ₹75 crore.

Shares Rise by 1.76% to ₹448.95

As of 10:50 AM, Virtuoso Optoelectronics’ share price was trading higher by 1.76%, or 7.75 points, at ₹448.95. Until now, the shares have traded within a range of ₹445.85 and ₹441.20. The traded volume stood at 7.50 thousand shares, with the company’s market cap at ₹1,414 crore.

Investor Takeaway

Virtuoso Optoelectronics has received 99.81% approval from non-promoter shareholders to shift its shares from BSE SME to NSE and BSE. This will allow the company’s shares to have a wider investor reach, attracting demand from more investors. It will also lead to higher liquidity for the shares and will make the shares eligible for being added to bigger market indices. The announcement has boosted investor demand, and the share price is trading higher.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachLive/f454e6a9-c329-4887-acc5-848f969cb82b.pdf

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