Neogen Chemicals Limited has informed the Exchange Notice of Extra Ordinary General meeting to be held on 29-03-2026 at 11.30 a.m.
NEOGEN · price
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Neogen Chemicals has called an Extra Ordinary General Meeting on March 29, 2026 at 11:30 a.m. (via video conferencing) to seek shareholder approval for issuing 10,00,000 equity shares of face value Rs. 10 each to Cadamba Solutions Private Limited, a promoter group entity, on a preferential basis. The shares are priced at Rs. 1,610 per share (including a premium of Rs. 1,600), aggregating to Rs. 161 crores, with the price determined as per SEBI ICDR Regulations and approved by the Board on March 7, 2026. The 'Relevant Date' for floor price calculation has been fixed as February 27, 2026, and 100% of the consideration must be brought in by the allottee on or before the allotment date. The shares, to be issued in demat form, will be subject to lock-in as prescribed under SEBI ICDR Regulations and shall rank pari-passu with existing equity shares. The record date/cut-off date for e-voting eligibility is March 20, 2026, with remote e-voting open from March 26 to March 28, 2026.
This is a promoter-group preferential allotment of Rs. 161 crores, which will dilute existing shareholders by approximately the number of new shares issued relative to the current share capital. While it signals promoter confidence and brings in fresh capital, retail shareholders should watch for the stated use of proceeds and the potential EPS dilution. Approval requires a special resolution, so the outcome of the March 29 EGM vote is critical.