Kanpur Plastipack Limited has informed the Exchange regarding copy of minutes of Extraordinary General Meeting held on Jun 11, 2025.
KANPRPLA · price
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Kanpur Plastipack Limited submitted the minutes of its 2/2025-26 Extra-Ordinary General Meeting held on June 11, 2025, at its registered office in Kanpur. 36 shareholders were present at the meeting. A special resolution was passed with 99.99% votes in favor (15,124,289 in favor vs. 1,149 against) approving the issuance and allotment of 10,12,000 fully convertible equity warrants on a preferential/private placement basis. The warrants are priced at Rs. 130 per share (Rs. 10 face value + Rs. 120 premium), aggregating to Rs. 13.16 crores. Allottees include promoter group members (Manoj Agarwal, Shashank Agarwal, Usha Agarwal, Manjari Agarwal, Kanika Mahadevwala) and public individuals/entities (Jayatika Goyal, Rohit Rajpal, Sachit Passi, Raghushree Earning Solutions LLP). Allottees must pay 25% upfront (Rs. 40 per warrant), with the balance due on conversion within 18 months.
Existing shareholders face potential dilution once the 10.12 lakh warrants are converted into equity shares within 18 months. The company is raising approximately Rs. 13.16 crores through this preferential issue, with promoter group participation (around 6.6 lakh warrants) signaling insider confidence, though minority shareholders may see their stake reduced.