Key Quantitative Figures

  • Total Rights Issue Proceeds: ₹3,458.15 Lakhs (₹36,58,15,275)
  • Amount Already Utilized: ₹2,688.15 Lakhs
  • Incremental Working Capital: ₹1,787.00 Lakhs (100% utilized)
  • General Corporate Purpose: ₹901.15 Lakhs (100% utilized)
  • Unutilized Balance: ₹770.00 Lakhs
  • Amount Proposed for Reallocation: ₹770.00 Lakhs
  • Outstanding Loan to be Repaid: ₹908.33 Lakhs (State Bank of India term loan)

Parties Involved

  • Lender: State Bank of India
  • Scrutinizer: M/s. Punit Santoshkumar Lath, Practicing Company Secretary
  • RTA & E-Voting Agent: KFin Technologies Limited
  • E-Voting Service Provider: National Securities Depository Limited (NSDL)
  • Depositories: NSDL and Central Depository Services (India) Limited (CDSL)
  • Stock Exchanges: BSE Limited (Scrip Code: 543643) and National Stock Exchange of India Ltd (NSE Symbol: NARMADA)

Purpose and Rationale

The company seeks to alter one of the original objects of its Rights Issue (as per Letter of Offer dated 17th September, 2024). The unutilized amount of ₹770 Lakhs, originally earmarked for 'Acquisition of Land, Construction of Oil Mill Plant & other civil works and Purchase of Plant & Machineries' (0% utilized), is proposed to be reallocated towards 'Repayment of the outstanding term loan availed by the Company from State Bank of India'.

The stated justification is to strengthen the company's balance sheet, reduce interest costs, improve cash flows, and enhance overall financial flexibility. The management decided to defer the original capital expenditure due to current operational requirements and availability of alternate arrangements. The company will continue to avail its Cash Credit (CC) facility from State Bank of India.

Timelines and Voting Details

  • Cut-off Date for Eligibility: Friday, 26th June, 2026
  • Remote E-Voting Period: Commences Tuesday, 30th June, 2026 at 09:00 A.M. (IST) and ends Wednesday, 29th July, 2026 at 05:00 P.M. (IST).
  • Result Declaration: On or before Friday, 31st July, 2026 (within 2 working days of e-voting closure).
  • Expected Completion of Varied Object: On or before 31st August, 2026 (subject to approval).
  • Deemed Passing Date: If passed, the resolution is deemed passed on Wednesday, 29th July, 2026.

The notice is being sent electronically only to members whose email addresses are registered with the RTA/Depositories.

Capital Structure Impact

The disclosure pertains to the utilization of funds from an already completed issue of equity shares; therefore, there is no immediate impact on the share capital or promoter holding. The action is a reallocation of funds within the objects of the already raised capital.

Financial and Operational Impact

The proposed variation is expected to result in a reduction of the company's debt obligations and consequent finance costs. The benefits may not result in immediate enhancement of operational capacity, as the original expansion plan is deferred.

Governance

The Board of Directors approved the proposal and the mailing of the Postal Ballot notice at their meeting held on 29th June, 2026. Mr. Neerajkumar Sureshchandra Agrawal, Chairman and Managing Director (DIN: 06473290), signed the notice and explanatory statement.