Valplast Technologies Limited has completed a postal ballot process through remote e-voting to seek shareholder approval for varying the utilization of proceeds raised from the company's Initial Public Offer (IPO).

The company sought approval for a special resolution to change the object of utilization of funds raised through the public issue as stated in the Red Herring Prospectus dated September 22, 2025. Specifically, the resolution proposed to reallocate unutilized proceeds originally earmarked for capital expenditure (CAPEX) of ₹4,95,00,000 (Indian Rupees Four Crore Ninety Five Lakhs Only) to Working Capital requirements and General Corporate Purposes (GCP) of the company.

The remote e-voting period commenced from 09:00 am IST on Saturday, May 30, 2026 and ended at 5:00 pm IST on Sunday, June 28, 2026. The company appointed Mr. Rajat Mishra (Membership No. A47538 & CP No. 25385), Practicing Company Secretary, as the scrutinizer for conducting the postal ballot process.

Voting Results

The special resolution was passed by members with requisite majority on June 28, 2026. The detailed voting results are as follows:

  • Total valid voters: 20 shareholders
  • Total votes cast: 1,29,81,943 shares
  • Votes in favor: 1,24,99,943 shares (96.28%) from 9 shareholders
  • Votes against: 4,82,000 shares (3.72%) from 11 shareholders

The board of directors had initially approved this revision in fund utilization at their meeting held on May 20, 2026, after evaluating the prevailing business environment, market conditions, and strategic priorities of the company. The proposed changes were necessitated due to evolving business requirements to ensure optimal deployment of funds.

The company had dispatched the Postal Ballot Notice on May 29, 2026, and published advertisements regarding the postal ballot on June 2, 2026, in Financial Express (English) and Jansatta (Hindi) newspapers.

The scrutinizer certified that all votes cast were valid and the resolution was passed with requisite majority. The results and scrutinizer report have been hosted on the company's website at www.valplastech.com.