United Polyfab Gujarat Limited has informed the Exchange regarding Corrigendum to Notice of Extra Ordinary General Meeting to be held on July 19, 2025
UNITEDPOLY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
United Polyfab Gujarat Limited has issued a Corrigendum II to the EGM notice for the meeting scheduled on Saturday, July 19, 2025 at 4:30 PM via video conference. The corrigendum provides revised details for a proposed preferential issue of up to 2,29,51,550 convertible warrants at Rs. 18.89 per warrant, aggregating to about Rs. 43.36 crores. The warrants will be allotted equally to two promoters — Mr. Gagan Nirmalkumar Mittal and Mr. Nirmalkumar Mangalchand Mittal — each receiving 1,14,75,775 warrants (about Rs. 21.68 crores each). A revised valuation report was issued on July 8, 2025 to correct earlier computational errors, setting a floor price of Rs. 11.33 per share, with the issue price of Rs. 18.89 being higher than the SEBI-determined price. The funds will be used for working capital requirements (Rs. 34.76 crores) and general corporate purposes (Rs. 8.60 crores), to be utilized within 12 months. The warrants carry a 25% upfront payment with the remaining 75% due on conversion within 18 months, and will represent about 9% of the post-issue fully diluted equity share capital.
This is a promoter-driven capital raise of around Rs. 43.36 crores, indicating promoter confidence in the business but also signaling potential equity dilution of about 9% for existing shareholders once warrants are converted. Existing investors should review the EGM resolutions carefully before voting on July 19, 2025.