Corrigendum to Extra Ordinary General Meeting
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Awaiting price reaction for this filing.
Midland Polymers Limited has issued a corrigendum to its 1st EOGM notice (scheduled April 25, 2026) regarding a proposed preferential issue of securities. The corrigendum incorporates BSE recommendations and modifies the Objects of the Preferential Issue detailed in Annexure 2. The total issue size is Rs. 26,29,07,400 (approx. Rs. 262.9 crore), to be deployed as follows: Rs. 152.9 crore for investment in wholly-owned subsidiary JMRCLEAN Energy Private Limited, Rs. 80 crore for the subsidiary's working capital, and Rs. 3 crore for general corporate purposes. Use of proceeds is targeted within 12 months of receipt, with a ±10% variation allowed per BSE guidelines.
This preferential issue will dilute existing shareholders. The large outflow to the subsidiary (Rs. 232.9 crore of Rs. 262.9 crore total) signals strong parent-level funding commitment to JMRCLEAN Energy, which could be positive if the subsidiary performs. The BSE-required corrigendum indicates initial disclosure gaps that investors should be aware of.