Sirca Paints India Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on August 05, 2025
SIRCA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Sirca Paints India Limited has called an EGM on August 5, 2025 (via video conferencing) to seek shareholder approval for issuing 20,11,000 equity shares of Rs. 10 face value at Rs. 379.50 per share on a preferential basis to 67 identified non-promoter allottees, raising up to Rs. 76.32 crore. The largest subscriber is the Italian parent Sirca S.P.A, which will take 2,63,500 shares for about Rs. 10 crore, showing continued support from the promoter group entity. The issue price of Rs. 379.50 is marginally above the SEBI-determined floor price of Rs. 378.85 (based on the higher of 90-day VWAP of Rs. 321.81 and 10-day VWAP of Rs. 378.85, with July 6, 2025 as the relevant date). Proceeds will be used for new capex at Sirca Welcome and Wembley manufacturing facilities (Rs. 35 cr), distribution and brand promotion (Rs. 6 cr), working capital (Rs. 30 cr), and general corporate purposes (Rs. 5 cr), to be deployed within 12 months of fund receipt. The company has clarified there will be no change in control or board composition, and no promoter, director or KMP is subscribing. The shares will be subject to SEBI-mandated lock-in, and e-voting will be open from August 2-4, 2025.
Existing shareholders will face a modest dilution from the issuance of 20.11 lakh new shares, but the fresh capital supports expansion and working capital needs. Continued investment by the Italian parent Sirca S.P.A is a positive signal, and the issue price being close to the SEBI floor price limits the discount to market, which should be viewed neutrally by the market.