In continuation to our letter dated 23 November 2025, we hereby submit the Corrigendum to the Notice of EGM scheduled to be held on Monday, 15 December, 2025.
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Awaiting price reaction for this filing.
Citichem India has issued a corrigendum to the EGM notice originally dispatched on 23 November 2025, after BSE raised observations on the company's proposed preferential issue of convertible warrants. The corrigendum clarifies that warrants will convert into equity shares of Rs. 10 each at a Rs. 19 premium, with a minimum issue price of Rs. 28.615 per warrant computed as per SEBI ICDR Regulation 164(1), and the final issue price fixed at Rs. 29 per security. An independent valuation was obtained from Ms. Pragya Jain (IBBI Registered Valuer). Post full conversion, total equity expands from 68 lakh to 115 lakh shares, and promoter group holding rises sharply from 61.21% to 73.59%, with two promoter individuals (Arif Esmail Merchant and Hashim Arif Merchant) being the largest allottees. Public shareholding correspondingly falls from 38.79% to 26.41%, while one new non-promoter allottee (Padmakar Jagannath Murodiya) is introduced.
Existing public shareholders face significant dilution of around 12.4 percentage points, while promoters are consolidating control by subscribing to most of the warrants. The slight premium of Rs. 29 over the Rs. 28.615 floor price suggests a reasonable, regulator-compliant pricing, though the stock may see sentiment pressure due to the enlarged promoter stake and dilution.