United Polyfab Gujarat Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on July 19, 2025
UNITEDPOLY · price
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United Polyfab Gujarat Limited has called an Extraordinary General Meeting on Saturday, July 19, 2025 at 4:30 PM (via video conferencing) to seek shareholder approval on two items. The first is an increase in authorised share capital from Rs. 25 crore (25 crore equity shares of Rs. 1 each) to Rs. 26 crore (26 crore equity shares of Rs. 1 each). The second, and more material, is the issue of up to 2,29,51,550 convertible warrants on a preferential basis to two promoter-group allottees at Rs. 18.25 per warrant (including a Rs. 17.25 premium), aggregating to roughly Rs. 41.89 crore. Each promoter — Mr. Gagan Nirmalkumar Mittal (Chairman & MD) and Mr. Nirmalkumar Mangalchand Mittal — is to receive 1,14,75,775 warrants (about Rs. 20.94 crore each). Warrant holders must pay 25% upfront and the remaining 75% within 18 months on conversion into equity. The company says proceeds will be used for working capital (~Rs. 33.51 crore) and general corporate purposes (~Rs. 8.38 crore). The relevant date for pricing is June 19, 2025, and the floor price is based on the 10-day VWAP of Rs. 18.25 on NSE.
The promoter-led infusion of up to ~Rs. 41.89 crore signals promoter confidence and provides growth capital, but is also dilutive to existing public shareholders once the warrants are converted into equity shares. Shareholders should watch the EGM voting outcome (cut-off date July 12, 2025) and monitor utilisation of the funds over the next 12 months.