Meeting Details
- Meeting Type: Extraordinary General Meeting (EGM)
- Date: Saturday, June 20, 2026
- Time: 11:00 A.M. IST
- Location: Conducted entirely through Video Conferencing/Other Audio Visual Means (VC/OAVM)
- Cut-off Date: Monday, June 15, 2026 (for determining voting rights)
Proposed Resolutions and Implications
Item No. 1: Increase in Authorised Share Capital (Ordinary Resolution)
Proposes to increase the authorized share capital from ₹38,00,00,000 (divided into 19,00,00,000 equity shares of ₹2 each) to ₹50,00,00,000 (divided into 25,00,00,000 equity shares of ₹2 each). This requires alteration of Clause V of the Memorandum of Association.
Item No. 2: Preferential Issue of Equity Shares (Special Resolution)
Seeks approval for issuance of 1,80,24,157 equity shares of face value ₹2 each at ₹110 per share (including premium of ₹108) to Corn Products Development Inc. (PAN: AAECC4694B), a non-promoter entity. The total consideration amounts to ₹1,98,26,57,270.
Key Terms of Preferential Issue:
- Issue Price: ₹110 per share (higher than floor price of ₹109 determined by valuer)
- Relevant Date: May 21, 2026 (30 days prior to EGM)
- Objects: Working capital requirements (₹149.195 crore) and general corporate purposes (₹49.0708 crore)
- Lock-in: 6 months from trading approval date
- Monitoring Agency: Acuité Ratings & Research Limited appointed to oversee fund utilization
Post-Issue Shareholding Pattern Change:
- Promoter shareholding: 64.18% (from 70.53%)
- Public shareholding: 35.86% (from 29.46%)
- Corn Products Development Inc. will hold 9.00%
Item No. 3: Approval of Special Rights (Special Resolution)
Seeks approval for granting special rights to Corn Products Development Inc. under Regulation 31B of SEBI LODR Regulations, including:
- Right to nominate a non-executive, non-independent director
- Pre-emptive right to maintain proportionate shareholding
- Consultation rights, affirmative voting rights, and information rights
These rights are contingent upon the investor maintaining minimum 9% shareholding.
Item No. 4: Adoption of Amended Articles of Association (Special Resolution)
Seeks approval to replace existing Articles of Association with amended and restated Articles to incorporate provisions from the Shareholders' Agreement dated May 28, 2026.
Item No. 5: Amendment of Object Clause of MOA (Special Resolution)
Seeks approval to alter Clause IIIA (Main Object) of Memorandum of Association to expand business activities to include manufacturing, processing, trading, and dealing in plant-based products, agricultural products, commodities, and related activities.
Voting Process and Methods
The voting will be conducted through:
- Remote e-voting: Available from June 17, 2026 (9:00 AM) to June 19, 2026 (5:00 PM) through NSDL platform
- E-voting during meeting: For members attending through VC/OAVM who haven't voted remotely
- Physical attendance: Not permitted due to VC/OAVM format
Key Voting Arrangements
- Scrutinizer: M/s. Keyur J Shah & Associates, Practicing Company Secretaries
- Voting Rights: Proportional to shareholding as on cut-off date (June 15, 2026)
- Result Declaration: Scrutinizer will submit report within 2 working days of EGM conclusion
- Result Publication: To be placed on company website (www.sanstar.in) and NSDL website
Compliance Statements
The company confirms:
- Compliance with Companies Act, 2013 and SEBI regulations
- No outstanding dues payable to SEBI, Stock Exchanges, or Depositories
- No wilful defaulters or fugitive economic offenders among promoters/directors
- All requisite certificates from valuers and company secretaries obtained
Additional Information
- All documents available for electronic inspection at cs@sanstar.in
- The EGM can accommodate 1,000 members on first-come-first-served basis (excluding large shareholders, promoters, institutional investors, directors, KMPs, committee chairpersons, and auditors)
- Quorum requirements will consider members attending through VC/OAVM
- The company's registered office: Sanstar House, Near Parimal Under Bridge, Opposite Suvidha Shopping Centre, Paldi, Ahmedabad, Gujarat, 380007