Pankaj Polymers EGM clears ₹24.9 crore raise in 2026

EGM outcome: restructuring, relocation, and capital plan

Pankaj Polymers shareholders approved a set of corporate actions at an Extra-Ordinary General Meeting (EGM) held on August 22, 2026. The company cleared proposals covering a name change, amendments to constitutional documents, and a registered office shift from Telangana to the National Capital Territory of Delhi. It also secured approval for a preferential issue comprising equity shares and convertible warrants. In addition, shareholders regularised key board appointments, including the company’s CEO and certain independent and non-independent directors. A statutory auditor was also appointed to fill a casual vacancy. The meeting was conducted through Video Conferencing and Other Audio-Visual Means (VC/OAVM), reflecting the company’s compliance framework for shareholder participation.

How the meeting was conducted

The EGM started at 3:00 pm and concluded at 3:52 pm, with 51 members attending the proceedings. The Company Secretary and Compliance Officer confirmed that the required quorum was present. Shareholders voted on twelve items of business, which included ordinary and special resolutions. Remote e-voting was made available from August 19, 2026 (9:00 am) to August 21, 2026 (5:00 pm). Members who attended the EGM via VC/OAVM and had not voted remotely were given a 15-minute window during the meeting to cast their votes. M/s Akash & Co., Company Secretaries, acted as the scrutinizer for the voting process. The company said consolidated voting results would be submitted to stock exchanges within two working days.

Name change and MoA/AoA amendments

One of the central approvals was the proposed change in the company’s name and the consequent changes to the Memorandum of Association (MoA) and Articles of Association (AoA). The company has proposed shifting its identity from “Pankaj Polymers Limited” to “Rupia Tech Limited” or “Rupia Fin Limited” or “Rupia Fintech Limited,” subject to approval from the Ministry of Corporate Affairs (MCA). Alongside the name change, shareholders approved alterations to the object clause in the MoA. The amended objects are meant to enable expansion into technology and fintech-oriented activities, including digital payments, e-commerce, and software services. These actions are positioned as part of a broader strategic overhaul rather than a standalone compliance change.

Registered office shift from Telangana to Delhi

Shareholders authorised the company to shift its registered office from Telangana to Delhi. The move also required corresponding changes to the MoA, which were approved. A registered office shift typically has implications for the company’s regulatory jurisdiction and administrative operations, including filings and stakeholder communication. In this case, the resolution explicitly covered the relocation and the necessary documentation changes. The company has not disclosed, in the provided details, an effective date for completion of the shift. Any such shift also requires completion of procedural steps under corporate law and associated approvals.

Preferential issue: equity shares and warrants at ₹81

The EGM approved a preferential issuance of up to 8,55,000 equity shares to non-promoters and up to 22,20,000 warrants convertible into equity shares to both promoter and non-promoter categories. The board had earlier approved the preferential issue at ₹81 per share or warrant. The company disclosed a fundraise total of ₹24.9 crore through the combined equity and warrant issuance. In the preferential equity leg, the amount indicated was ₹6.9255 crore (₹6,92,55,000) for 8.55 lakh shares at ₹81 each. For the warrant leg, the amount indicated was ₹17.982 crore (₹17,98,20,000) for 22.20 lakh warrants at ₹81 each.

Under SEBI ICDR Regulations, the floor price was stated as ₹80.48 per share, and the issue price of ₹81 was above this threshold. Warrants are convertible into one fully paid-up equity share within 18 months of allotment. Warrant holders must pay 25% of the issue price upfront, with the remaining 75% payable at the time of conversion. The company has described the use of proceeds as supporting business expansion, working capital requirements, and general corporate purposes, aligned with the fintech and technology pivot.

Board and management regularisation

Shareholders regularised Mr. Mayank Chawla as Executive Director and Whole Time Director and CEO for five years. The disclosed term is five years from June 9, 2026, and the appointment was described as initially without remuneration. The EGM also regularised Mr. Vikas Garg and Mr. Rahul Nagar as Non-Executive Non-Independent Directors. Mr. Siba Narayan Panda and Ms. Richa Kathuria were regularised as Independent Directors, with a five-year term mentioned in the EGM-related disclosures. These approvals formalise the company’s leadership structure during a period of strategic repositioning.

Auditor appointment to fill a casual vacancy

The EGM included approval to appoint statutory auditors to fill a casual vacancy. The company indicated the appointment of M/s Shilpi Sharma & Co., Chartered Accountants (Firm Registration No. 021442N), as statutory auditors. The vacancy arose following the resignation of M/s Luharuka & Associates, as stated in the EGM notice summary. The appointment is proposed to run until the conclusion of the 34th Annual General Meeting. Auditor continuity is a key governance requirement, particularly during a period involving capital raising and changes in business focus.

Key numbers at a glance

Shareholding and capital structure disclosures

The company disclosed that, on a fully diluted basis including warrants, promoter shareholding is expected to dilute from 58.15% to 42.16%, while public shareholding is expected to increase from 41.85% to 57.84%. It also stated that the post-issue fully diluted share capital would be ₹8.6189 crore (₹8,61,89,000) divided into 86,18,900 equity shares. Separately, the company disclosed that nine promoter and promoter group entities were reclassified to the public category on June 29, 2026, following completion of an open offer, and that these entities now hold zero shares. The list mentioned entities including Mr. Pankaj Goel and Pankaj Capfin Private Limited.

Profitability update and stock price context

The company reported that it turned profitable in Q1 FY26, with a net profit of ₹0.4547 crore (₹45.47 lakh), compared with a net loss of ₹0.1731 crore (₹17.31 lakh) in Q1 FY25. Market data included in the disclosures showed the stock price at ₹89.4 as of August 20, 2026, with an intraday range between ₹88.06 and ₹95.26, and a 52-week low and high of ₹15.36 and ₹101.00 respectively. Separate price points cited included ₹92.90 on August 18, 2026, and a pre-open indication of ₹99.82 on August 21, 2026 (5.00% up). These figures provide near-term context as investors evaluate the governance and capital actions linked to the proposed strategic shift.

Why the approvals matter for investors

The EGM outcomes combine governance, funding, and strategic repositioning into one set of shareholder decisions. A name change and object clause expansion indicate an intent to operate beyond the company’s legacy polymers identity, with explicit mention of fintech, digital payments, e-commerce, and software services. The preferential issue structure is material because it introduces new equity and potential future dilution through warrants, while also setting disclosed expectations for promoter and public shareholding changes. The registered office shift and auditor appointment add to the compliance-heavy nature of the transition, and may be closely watched for execution timelines and regulatory completion. The company has indicated that voting results would be filed with stock exchanges within two working days, which will formalise the outcome record for the market.