Paradeep Phosphates Limited has informed the Exchange regarding Notice of Postal Ballot
PARADEEP · price
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Paradeep Phosphates Limited has issued a Postal Ballot Notice seeking shareholder approval on five resolutions via remote e-voting from January 4, 2026 to February 2, 2026. Key items include raising the borrowing limit from ₹15,000 crore to ₹20,000 crore to fund business expansion, capex, and working capital needs following the merger of Mangalore Chemicals & Fertilizers. The cost auditor's remuneration is proposed for ratification at ₹5 lakh (up from ₹3.5 lakh) due to added audits at Mangalore and Mahad units post-merger. Two new directors are proposed: Mr. Akshay Poddar (son of Chairman Saroj Kumar Poddar) as Non-Executive Director and Vice Chairman, and Mrs. Ruchira Kamboj, a distinguished former Indian diplomat and India's first female Permanent Representative to the UN, as Independent Director for a five-year term. The company also seeks approval to amend its MOA to formally include power generation and sale from waste heat recovery systems, where it currently produces about 1,100 MWh daily with surplus to be sold to GRIDCO and the open market.
The ₹5,000 crore increase in borrowing capacity signals significant expansion plans, likely tied to the Mangalore merger and new capacity additions, which could mean higher debt servicing in the near term. The move into selling surplus power represents a new revenue stream leveraging existing infrastructure. Board appointments including a high-profile independent director strengthen governance, while Akshay Poddar's elevation reinforces promoter family involvement.