Kanoria Chemicals & Industries Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on April 01, 2026
KANORICHEM · price
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Kanoria Chemicals & Industries Limited has called an Extraordinary General Meeting on April 1, 2026 (via video conferencing) with two special resolutions. The first resolution seeks to increase the company's Authorised Share Capital from Rs. 50 crore to Rs. 100 crore, comprising 10 crore equity shares of Rs. 5 each and 5 lakh preference shares of Rs. 1,000 each. The second resolution proposes the issue and allotment of 5,00,000 Non-Convertible, Non-Cumulative, Non-Participating, Redeemable Preference Shares (NCRPS) of Rs. 1,000 each, aggregating Rs. 50 crore, on a private placement basis to M/s. R.V. Investment and Dealers Limited, a promoter group entity currently holding 7.35% equity in the company. The NCRPS carry a 7% non-cumulative coupon, have a tenure of up to 12 years (redemption in five equal annual installments from year 8, with board discretion to redeem after year 5), carry no voting rights, and will not be listed. E-voting window is March 29–31, 2026, with the cut-off date being March 25, 2026.
Existing equity shareholders face no dilution since the NCRPS are non-convertible and unlisted, and the company emphasises there will be no change in control. However, the Rs. 50 crore promoter-funded preference share infusion strengthens the company's capital base for capex, working capital, and general corporate purposes, which is a credit-positive signal. The authorised capital hike is a housekeeping step to accommodate this and any future fundraising.