Rama Petrochemicals seeks approval for Rs 80 crore land sale

Rama Petrochemicals Limited is seeking shareholder approval to sell approximately 55 acres of non-core land in Patalganga for no less than Rs 80 crore, or a higher independent valuation, after its board approved the proposal on November 12, 2026; no buyer has yet been identified.

What land does Rama Petrochemicals plan to sell?

Rama Petrochemicals plans to sell land measuring approximately 55 acres at Vashivali and Vadgaon, P.O. Patalganga, Taluka Khalapur, District Raigad, Maharashtra. The board described the parcel as a non-core asset and approved its proposed sale or disposal on November 12, 2026, following the Audit Committee’s recommendation.

The approximately 55-acre parcel is proposed to be sold on an “as is where is” basis, either in one transaction or in one or more tranches. Rama Petrochemicals has not identified a purchaser, entered into a sale agreement or executed a sale deed, and its November 12 disclosure therefore does not provide an expected completion date.

What is the minimum value for the Patalganga land sale?

Rama Petrochemicals has set a minimum consideration of Rs 80 crore for the approximately 55-acre land sale, with the final price to be the higher of that floor and fair market value determined by an independent registered valuer. The disclosed Rs 80 crore is therefore a minimum threshold, not a price agreed with a buyer.

Rama Petrochemicals has not disclosed a per-acre rate, the valuer’s fair market value, a valuation report or the intended use of the sale proceeds. The November 12 filing specifies only the pricing mechanism: consideration cannot be below Rs 80 crore and must reflect the independent valuation if that value is higher.

Who can buy land from Rama Petrochemicals?

Rama Petrochemicals says prospective buyer or buyers for the 55-acre parcel must be unrelated parties and cannot belong to its promoter, promoter group or group companies. The filing states that the proposed land disposal would not fall within the scope of related-party transactions.

No counterparty had been selected by the November 12, 2026 board meeting, leaving the purchaser’s identity, commercial terms and transaction documentation unresolved. Rama Petrochemicals said it will enter into the necessary agreement or deed after identifying buyer or buyers, and it has not stated whether the land would be acquired by one buyer or split across tranches.

What approvals does the Rama Petrochemicals sale require?

Rama Petrochemicals requires members to approve the land disposal through a special resolution by postal ballot using remote e-voting. The company is seeking approval under Section 180(1)(a) of the Companies Act, 2013, read with Regulation 37A of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.

The board approved the postal-ballot notice and its explanatory statement on November 12, 2026, and said the notice would be sent to shareholders in due course and filed with the exchange. Beyond the special resolution, the proposed disposal remains subject to other requisite consents and approvals, which Rama Petrochemicals did not individually identify.

How does the land sale differ from the subsidiary disposal?

The 55-acre land transaction differs from Rama Petrochemicals’ separate proposal to dispose of its entire 100% holding in Rama Capital and Fiscal Services Private Limited. Rama Petrochemicals classified the land as a non-core asset, making disclosure of turnover, revenue, income and net-worth contribution inapplicable, while the subsidiary reported Rs 28 lakh of consolidated turnover or revenue in the financial year ended March 31, 2026.

Rama Capital and Fiscal Services Private Limited’s Rs 28 lakh turnover or revenue represented 47.31% of Rama Petrochemicals’ consolidated turnover or revenue for the year ended March 31, 2026, while its reported net-worth contribution was 0.00%. Its proposed sale also needs a postal-ballot special resolution, but carries a minimum equity value of Rs 0.22 per share rather than the land transaction’s Rs 80 crore floor and independent-valuation mechanism.

What remains unresolved in the proposed land transaction?

Rama Petrochemicals has not yet identified buyer or buyers, signed definitive documentation or disclosed an expected completion date for the approximately 55-acre sale. The company also has not disclosed the independent registered valuer’s assessment, meaning the final consideration could be above the Rs 80 crore minimum.

The proposal remains outside any scheme of arrangement and is not structured as a slump sale, according to the November 12 disclosure. Completion will depend on the member vote, identification of an eligible unrelated buyer, execution of the necessary agreement or deed, and any further consents or approvals required for the transaction.

Conclusion

The November 12, 2026 board approval outlines a potential monetisation of approximately 55 acres rather than a completed disposal. Rama Petrochemicals has established a Rs 80 crore minimum price, required a higher independent valuation where applicable and excluded related-party and promoter-group buyers, but has not named a purchaser or agreed final transaction terms.

The next disclosed steps are circulation of the postal-ballot notice, a special-resolution vote through remote e-voting and identification of buyer or buyers. The matters to watch are the independent valuer’s fair market value, definitive sale documentation, any additional approvals and whether Rama Petrochemicals sells the land in one transaction or multiple tranches.