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Sanmitra Commercial Limited's board approved acquiring 100% of Tandhan Polyplast Limited (TPL), a plastic and polymer products manufacturer with FY25 standalone turnover of Rs. 16,780 lakhs, through a share swap valued at Rs. 44.61 crores. To fund this, the company will issue 2.97 crore equity shares at Rs. 15 each to TPL shareholders. Additionally, the board approved three more preferential allotments: 21.25 lakh shares at Rs. 15 each (Rs. 3.19 crores), 1.68 crore shares at Rs. 40 each (Rs. 67.23 crores), and 78.25 lakh convertible warrants at Rs. 15 each (Rs. 11.74 crores), all to non-promoter public category investors. Authorised share capital will be hiked from Rs. 1.25 crore to Rs. 60 crore, and borrowing limits will be raised to Rs. 500 crores. The 41st AGM is fixed for 24th September 2025, with 17th September 2025 as the record date.
Existing shareholders face significant equity dilution from the preferential issues and warrants, but gain entry into a growing plastics business with Rs. 168 crore revenue. The transactions are subject to shareholder and stock exchange approvals, so execution risk remains until the AGM on 24th September 2025.