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Banganga Paper Industries Limited (formerly Inertia Steel Limited) has informed BSE that its shareholders approved a preferential issue at an Extraordinary General Meeting held on 14 January 2026. The company will issue up to 21,10,64,917 equity shares and 2,20,00,000 convertible warrants at Rs. 1.45 per share (face value Re. 1, premium Re. 0.45), aggregating to roughly Rs. 33.8 crore. Of this, about Rs. 21.9 crore worth of shares (around 15.1 crore shares) will be issued via share swap to non-promoters, Rs. 8.7 crore worth of shares (6 crore shares) for cash to non-promoters, and 2.2 crore warrants for Rs. 3.19 crore. Major allottees include Ronak Jain, Sarita Jain, Priyanka Jain, and Jasmine Bonny Agitok Sangma, who together could hold around 42.8% of the diluted post-issue capital.
This is a heavily dilutive preferential issue with the majority going to a group of new non-promoter allottees, signalling a likely change in shareholding control and possible restructuring/swap-based acquisition activity. Existing shareholders will see a sharp expansion of the equity base at a price only marginally above face value, and the stock may face negative pressure on announcement and allotment.