Corrigendum to the Notice of Extra-Ordinary General Meeting
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Subam Papers has issued a corrigendum to its EGM notice (EGM scheduled for December 10, 2025) revising the 'Object of the Issue' annexure. The company is raising ₹10,704.45 lakhs through a preferential issue of equity shares and convertible warrants. Of this, ₹7,300 lakhs (68%) will go toward repaying existing loans from HDFC Bank, ICICI Bank, and State Bank of India within 30 days of receiving funds. Another ₹3,001.40 lakhs will be invested in its wholly-owned subsidiary 'Subam Paper & Boards Private Limited' to set up a corrugated box manufacturing unit, representing a forward-integration move from kraft paper into finished packaging products. The remaining ₹403.05 lakhs is earmarked for general corporate purposes. Convertible warrant holders must pay 25% upfront, with the balance 75% due within 18 months.
The fundraising will sharply reduce debt (₹9,457.91 lakhs outstanding to be cut to ~₹2,157 lakhs), improving the debt-to-equity ratio and lowering interest costs. The corrugated box expansion is margin-accretive as it moves the company up the value chain. However, existing shareholders face dilution from the preferential issue and warrants.