Outcome of Board Meeting held on 20.04.2026
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Midland Polymers Limited's Board meeting on April 20, 2026 approved a Corrigendum to the 1st Extra-Ordinary General Meeting (EOGM) notice. The EOGM is scheduled for April 25, 2026 via video conferencing. The corrigendum incorporates BSE recommendations and modifies the proposed preferential issue of securities. The total issue size is Rs. 26.29 crore (approximately Rs. 26,29,07,400), of which Rs. 3 crore is for the company itself and Rs. 23.29 crore is for its wholly-owned subsidiary JMRCLEAN Energy Private Limited. Of the subsidiary's allocation, Rs. 15.29 crore is for making investments in the subsidiary and Rs. 8 crore for the subsidiary's working capital requirements. The company has allocated Rs. 3 crore for general corporate purposes. Proceeds are to be utilized within 12 months from receipt, with a ±10% variation allowed per BSE guidelines.
This preferential issue will dilute existing shareholders as new securities are being issued. The majority of funds (88.6%) are earmarked for the subsidiary, indicating significant capital deployment into JMRCLEAN Energy Private Limited for expansion or operational needs. Shareholders should carefully review the corrigendum before voting at the EOGM.