Notice of EGM scheduled to be held on July 02, 2026
Price
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Parmax Pharma has called an Extra-Ordinary General Meeting on July 2, 2026 (via video conferencing) to seek shareholder approval for four key items. First, the company proposes to increase its authorised share capital from ₹6 crore to ₹10 crore (from 60 lakh to 1 crore equity shares of ₹10 each). Second, it wants to adopt a fresh set of Articles of Association. Third, it plans a preferential allotment of 31,37,586 equity shares at ₹36.50 per share (totalling about ₹11.45 crore) to 13 non-promoter individuals. Fourth, it wants to issue 21,45,145 convertible warrants at the same price of ₹36.50 (totalling about ₹7.83 crore) to the same set of non-promoters, each convertible into one equity share within 18 months. The allottees, who are currently classified as non-promoters/public, will — along with the existing Managing Director Umang Gosalia — trigger the SEBI Takeover Code open offer process and get reclassified as Promoters and members of the Promoter Group after the open offer closes. The floor price for the preferential issue is ₹36.33 per share, based on a valuation report from A H Dedhia & Associates.
This is effectively a change-of-control and fund-raising transaction. Existing shareholders face significant equity dilution (the combined issue adds up to roughly 53 lakh shares, over 50% of the current 60 lakh share base), and the company is bringing in a new promoter group led by Dhiren Chandulal Shah and Sunil Chinubhai Shah. Shareholders should also brace for a mandatory open offer to public shareholders at a likely price near the ₹36.33 floor price, which may act as a near-term price benchmark for the stock.