Sanstar Limited has informed the Exchange regarding Outcome of Board Meeting held on May 28, 2026.
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Sanstar Limited's board approved a ₹198.26 crore preferential issue to Corn Products Development Inc., a US-based wholly owned subsidiary of NYSE-listed Ingredion Incorporated. The company will issue 1.80 crore equity shares at ₹110 each (9% post-issue stake) at a 1% premium to the floor price of ₹109. The board also approved increasing authorized share capital from ₹38 crore to ₹50 crore, entering a shareholders agreement granting the investor board nomination and pre-emptive rights, and establishing a joint venture called Spark Ingredients Private Limited where Sanstar will hold 30% stake for ₹15 lakh. An Extraordinary General Meeting is scheduled for June 20, 2026 to seek shareholder approvals for all these matters.
The strategic investment from Ingredion brings capital and a global ingredients partner, though existing shareholders will face 9% dilution. The joint venture diversifies into specialty pharmaceuticals and food ingredients. All approvals are subject to shareholder and regulatory clearings.