Outcome of Board Meeting held on 27.03.2026
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The Board of Midland Polymers approved the acquisition of 100% equity in JMRCLEAN Energy Private Limited, a Hyderabad-based renewable energy and EPC company with a Rs. 1,550 crore order book, 100+ MW of executed projects, and a turnover of Rs. 71.4 crore (up to Dec 2025). The acquisition is structured as a share swap at a 1:10.54 ratio, valued at Rs. 10.54 crore, and will make JMRCLEAN a wholly-owned subsidiary. To fund and execute this, the Board approved increasing authorized capital from Rs. 13.6 crore to Rs. 40 crore, and three preferential allotments: 1.05 crore shares (swap), 1.33 crore shares (cash), and 1.30 crore convertible warrants — all priced at face value of Rs. 10. The company's main objects will be altered to include power transmission, renewable energy, defence infrastructure, and irrigation projects. An EGM has been fixed for 25 April 2026 to seek shareholder approval, and borrowing powers are being raised to Rs. 500 crore.
Existing shareholders face heavy equity dilution as over 3.68 crore new shares/warrants (more than 2.7x the current paid-up capital of 1.36 crore shares) are being issued at face value, which will likely weigh on the share price. However, the acquisition brings in a sizeable order book and revenue base, marking a major business pivot from polymers into renewable energy and infrastructure EPC.