Biofil Chemicals & Pharmaceuticals Limited has informed the Exchange regarding Notice of Postal Ballot
BIOFILCHEM · price
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Awaiting price reaction for this filing.
Biofil Chemicals & Pharmaceuticals has issued a Postal Ballot Notice dated August 4, 2025, seeking shareholder approval (via Special Resolution) to sell, transfer or otherwise dispose of leasehold rights over approximately 80,156 square meters of vacant industrial land at Plot No. 8, Sector-3, Kheda Industrial Estate, Pithampur, Dist. Dhar (M.P.). The company holds a total of 1,06,875 sq m on lease from MPIDC (formerly MPAKVN), of which roughly 94,463 sq m has remained unused, leading to a lease rent dispute (paper possession taken by MPIDC) and a pending writ petition in the Madhya Pradesh High Court. The minimum sale consideration is fixed at Rs. 16 crore, subject to MPIDC's approval, and net proceeds are earmarked for clearing MPIDC dues (~Rs. 4 cr), renovating the operational Pithampur unit (~Rs. 5.5 cr), working capital and capex (~Rs. 4.75 cr), and general expenses (~Rs. 1.75 cr). Remote e-voting via CDSL runs from 9:00 a.m. on August 15, 2025 to 5:00 p.m. on September 13, 2025, with results to be announced on or before September 15, 2025.
If passed, the resolution will let the company monetise a non-performing asset, settle its long-pending MPIDC dispute and redeploy capital into its operating unit, which is broadly positive for working capital and modernisation. However, execution hinges on MPIDC consent and the ongoing High Court matter, so there is regulatory uncertainty around timing and final value. Public shareholders will need to separately back the resolution, and the stock reaction is likely to be muted until the deal structure becomes clearer.