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Banganga Paper Industries Limited has called an EGM on January 14, 2026 via video conferencing to seek shareholder approval for 10 major items. The company plans to change its name to Asgard Alcobev Limited, shift its registered office from Maharashtra to Meghalaya, and amend its main objects to enter the alcoholic and non-alcoholic beverages business. It proposes to acquire 78.90% of CMJ Breweries Private Limited through a share-swap plus cash deal, issuing up to 21.10 crore equity shares and 2.20 crore convertible warrants at Rs. 1.45 per share, aggregating to roughly Rs. 33.79 crore. This will trigger a mandatory open offer under SEBI takeover rules and a change in control, with new promoters taking over. The company is also seeking to raise its borrowing limit and investment cap to Rs. 500 crore each, triple its authorized share capital from Rs. 12 crore to Rs. 36 crore, appoint M/s. Batliboi & Purohit as the new statutory auditor, and sell its material subsidiary Banganga Paper Mill Limited for Rs. 11.22 crore.
This is a transformative EGM — the company is exiting paper/steel, pivoting into the alcoholic beverages space via the CMJ Breweries acquisition, and undergoing a complete change of name, registered office, and promoter group. Existing shareholders should expect significant dilution from the preferential issue and a mandatory open offer from incoming promoters. The new direction into liquor/alcobev could be value-additive but introduces regulatory and execution risks tied to a new industry and management.