Board Meeting Details

The Board Meeting commenced at 01:15 PM and concluded at 03:15 PM on November 14, 2026.

Key Approvals

1. Preference Share Issuance - Series 1
  • Approval: Issuance of up to 1,40,00,000 5% Cumulative Non-Convertible Redeemable Preference Shares of face value ₹100 each
  • Total Amount: ₹140 Crore (aggregate consideration not exceeding)
  • Investor: Aditya Birla Capital Limited (Promoter and Holding Company)
  • Basis: Private placement
  • Approval Required: Subject to shareholder approval and other requisite approvals
  • Listing: Not proposed to be listed
  • Tenure: 5 years from date of allotment with call option of 3 years
  • Dividend: 5% p.a. on cumulative basis
  • Redemption Details:
  • At maturity (5 years): Redemption price of ₹127.02 per share (including premium of ₹27.02 per share), aggregating ₹177.83 Crore
  • Call option (3 years): Redemption price of ₹115.43 per share, aggregating ₹161.60 Crore
  • Security/Charge: Nil
  • Special Rights: Nil
2. Preference Share Issuance - Series 2

Part A - Alpha Alternatives Fund Advisors LLP

  • Approval: Issuance of up to 50,00,000 5% Cumulative Non-Convertible Redeemable Preference Shares of face value ₹100 each
  • Total Amount: ₹50 Crore
  • Investor: Alpha Alternatives Fund Advisors LLP (Fund schemes)
  • All other terms (tenure, dividend, redemption, security, etc.) identical to Series 1
  • Redemption Amounts:
  • 5-year maturity: ₹63.51 Crore total
  • 3-year call option: ₹57.72 Crore total

Part B - West Coast Paper Mills Limited

  • Approval: Issuance of up to 5,00,000 5% Cumulative Non-Convertible Redeemable Preference Shares of face value ₹100 each
  • Total Amount: ₹5 Crore
  • Investor: West Coast Paper Mills Limited
  • All other terms identical to Series 1
  • Redemption Amounts:
  • 5-year maturity: ₹6.35 Crore total
  • 3-year call option: ₹5.77 Crore total

Part C - Andhra Paper Limited

  • Approval: Issuance of up to 5,00,000 5% Cumulative Non-Convertible Redeemable Preference Shares of face value ₹100 each
  • Total Amount: ₹5 Crore
  • Investor: Andhra Paper Limited
  • All other terms identical to Series 1
  • Redemption Amounts:
  • 5-year maturity: ₹6.35 Crore total
  • 3-year call option: ₹5.77 Crore total
3. Material Related Party Transaction
  • Approval: Material Related Party Transaction with Aditya Birla Capital Limited under Regulation 23 of SEBI LODR Regulations
  • Nature: Related to the preference share issuance to the promoter company
4. Extraordinary General Meeting
  • Date: Friday, December 11, 2026
  • Time: 12:00 Noon (Indian Standard Time)
  • Mode: Video Conferencing (VC) or Other Audio Visual Means (OAVM)
  • Purpose: Seeking shareholder approval for Material Related Party Transaction and Preferential issue
5. Senior Management Appointments

Mr. Senthilkumar N

  • Position: Chief Business Officer - Senior Management Personnel
  • Effective Date: November 14, 2026
  • Profile: Seasoned financial services professional with 29+ years experience across capital markets, wealth management, broking, and investment distribution. Previously held leadership roles with Cholamandalam Securities, Motilal Oswal Financial Services, IIFL Holdings, ASK Raymond James, and Kotak Securities. Qualifications: MBA in International Business, M.A. in Economics from Annamalai University, Diploma in Computer Technology.

Mr. Dipesh Sohani

  • Position: Head - Institutional Sales - Senior Management Personnel
  • Effective Date: November 14, 2026
  • Profile: Over two decades of experience in financial services with expertise in Institutional Sales, Capital Markets, Relationship Management, Business Development, and Revenue Growth. Previously associated with Standard Chartered Bank, Haitong Securities, Yes Securities, Edelweiss Financial Services, PhillipCapital, MF Global, IL&FS Investsmart Securities and Anand Rathi Securities. Qualifications: Master's in Business Economics (MBE) from Indore, Bachelor of Science (B.Sc) degree.

Financial Impact

The preferential issue will result in total fund inflow of ₹200 Crore (₹140 Crore + ₹50 Crore + ₹5 Crore + ₹5 Crore). The redemption obligations range from ₹228.87 Crore (if all redeemed at 3 years) to ₹254.04 Crore (if all redeemed at 5 years) across all series.

Contingencies

All issuances are subject to receipt of requisite approvals, including shareholder approval at the EGM scheduled for December 11, 2026.