Notice of EGM along with e-voting instructions attached.
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Citichem India Limited has called an Extra-Ordinary General Meeting on Monday, December 15, 2025, at 11:00 AM in Mumbai to seek shareholders' approval for issuing up to 47,00,000 fully convertible warrants at Rs. 29 each, raising up to Rs. 13.63 crore on a preferential basis. Each warrant converts into one equity share of Rs. 10 face value (Rs. 19 premium), with 25% payable upfront and the balance 75% at the time of conversion within 18 months. Of the total, 21,50,000 warrants each are proposed to be allotted to promoter Arif Esmail Merchant and promoter Hashim Arif Merchant, while 4,00,000 warrants go to non-promoter Padmakar Jagannath Murodiya. The issue price of Rs. 29 was determined based on SEBI ICDR pricing norms with November 14, 2025 as the relevant date. Proceeds will be used for working capital, general corporate purposes and capex. This proposal supersedes a similar preferential issue approved at the September 30, 2025 AGM. Promoter holding will rise from 61.21% to 73.59%, diluting public shareholding from 38.79% to 26.41%, with no change in control of the company. Remote e-voting opens on December 12, 2025 and closes on December 14, 2025, with cut-off date set as December 8, 2025.
Existing public shareholders face a significant dilution of about 12.4 percentage points, dropping from 38.79% to 26.41%, as promoters substantially increase their stake. The Rs. 13.63 crore fund infusion is intended to support growth and expansion, but the preferential pricing at Rs. 29 per share (well above face value of Rs. 10) indicates dilution at a premium; stock may react based on the perceived strength of the capital expansion plan.