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Awaiting price reaction for this filing.
Banganga Paper Industries Limited (formerly Inertia Steel Limited) filed its Annual Secretarial Compliance Report for FY ended 31 March 2025, signed by Practising Company Secretary Ritika Agarwal. The report highlights a complete transformation of the company during the year: name change from Inertia Steel Limited on 20 December 2024, registered office shifted to Nashik on 29 August 2024, and business activity changed from merchant/agent trading to paper manufacturing. A stock split in the ratio of 1:10 was carried out on 3 January 2025, reducing face value from Rs. 10 to Rs. 1. The company acquired 64.66% (99,96,000 shares) of Banganga Paper Mills Limited on 29 June 2024, becoming its holding company. It also allotted 85,00,000 equity shares on a preferential basis at Rs. 12 per share (Rs. 10 face + Rs. 2 premium) to the Dhatrak family, marking a change in control.
This is a routine compliance filing, but it reveals a major business pivot and change of control. The Dhatrak promoter family now runs a paper manufacturing holding company, which could bring new strategic direction but also raises concerns about governance, given multiple board resignations and a shortage of independent directors on key committees.