Sirca Paints India Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on August 05, 2025
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Awaiting price reaction for this filing.
Sirca Paints India has issued a corrigendum to its August 5, 2025 EGM notice, confirming a preferential allotment of up to 20,11,000 equity shares at Rs. 379.50 per share (a premium of Rs. 369.50 over face value of Rs. 10), aggregating about Rs. 76.32 crore. The only material change from the earlier notice is the addition of Cellucom Retail India Private Limited (50,000 shares) as a new non-promoter allottee; the other 66 allottees remain unchanged. The issue price is set above the SEBI ICDR floor price of Rs. 378.72, derived from the higher of the 90-day VWAP (Rs. 320.98) and 10-day VWAP (Rs. 378.72). Net proceeds are earmarked for new capex at Sirca Welcome and Wembley facilities (Rs. 35 cr), distribution expansion and brand promotion (Rs. 6 cr), working capital (Rs. 30 cr), and general corporate purposes (Rs. 5.32 cr), to be utilised within 12 months.
For existing shareholders, this will lead to a modest ~3.67% equity dilution, with promoter holding dipping slightly from 67.55% to 65.16%. The fundraising strengthens capacity for new manufacturing facilities and growth, but the large number of small allottees and slight pricing above floor offer limited immediate re-rating catalyst.