Preferential Issue of Equity Shares

  • Approved issuance of up to 84,31,195 Equity Shares of face value of ₹2 each to non-promoter category allottees
  • Shares to be issued through conversion of Optionally Convertible/Redeemable Preference Shares (OCRPs) on preferential basis
  • Conversion price set at ₹33.21 per equity share (including premium of ₹31.21)
  • Total issue size: ₹28.00 Crores on non-consideration basis
  • Conversion complies with Chapter V of SEBI ICDR Regulations, 2018
  • OCRPs were originally allotted on 11th December, 2024 as per NCLT approved Resolution Plan dated 16-07-2024

Investor Details

  • Total of 6 non-promoter investors:
  • Bank of Baroda: 48,11,683 shares
  • Central Bank of India: 4,34,146 shares
  • Canara Bank: 2,82,114 shares
  • Union Bank of India: 4,27,642 shares
  • IDBI Bank: 23,28,455 shares
  • Oldenburgische Landesbank AG, Germany: 1,47,155 shares

EGM Preparation

  • Approved draft notice of Extra Ordinary General Meeting
  • Authorized Anil Kumar Jain (Company Secretary) and Rohan D. Modh (Director) severally to finalize and sign all documents related to EGM resolutions
  • Appointed M/s. Dhirren R. Dave & Co., Practicing Company Secretaries as scrutinizer for e-voting process

CP Plant Funding

  • Approved utilization of ₹49.90 Crores from right issue object clause for general corporate purposes
  • Funds to be used for operationalization and integration of CP Plant acquired from Nakoda Limited (Under Liquidation)
  • Company has formed wholly-owned subsidiary "Sumeet Speciality Chips Limited" to exclusively run the CP Plant business
  • Amount will be transferred to subsidiary as equity/unsecured loan as needed

Meeting Details

  • Board meeting commenced at 4:00 PM and concluded at 4:35 PM on 29th July, 2026