EPACK Durable Limited has informed the Exchange regarding Notice of Postal Ballot July 01, 2025
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EPACK Durable Limited has issued a Postal Ballot Notice seeking shareholder approval to change the stated use of IPO proceeds originally raised in January 2024. Out of net IPO proceeds of about ₹3,793 million, only about ₹2,019 million (53.24%) had been utilised as of June 30, 2025, leaving roughly ₹1,765 million unutilised. The company wants to reallocate this unutilised amount away from a planned Bhiwadi sub-shop/assembly line (₹567.66 million originally earmarked for land and sub-shops will now be scrapped) and instead channel more funds into the Sri City, Andhra Pradesh facility (rising to ₹1,029 million from ₹634 million) and equipment for the existing Bhiwadi plant (rising to ₹300 million). Management cites new client wins, a new washing machine manufacturing opportunity, and stronger Sri City market potential in AC components as reasons. E-voting runs from July 11, 2025 to August 9, 2025, with results expected by August 11, 2025.
Shareholders will need to vote on a meaningful shift in how IPO money is deployed – away from a Bhiwadi expansion sub-project and into Sri City capacity and washing machine line setup. If approved, the change signals management's pivot to washing machines and south-India focused growth, which could be viewed as positive if execution picks up, but may concern investors who backed the IPO expecting the original Bhiwadi build-out as disclosed.