Vardhman Polytex Limited has informed the Exchange regarding 'Calling of EGM' Notice of EGM will be given in due course.
VARDMNPOLY · price
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On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and 0.4 pts less than its Other Textile Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Vardhman Polytex's board approved raising up to Rs. 35 crore via listed, secured, redeemable Non-Convertible Debentures (NCDs) on private placement, carrying a high coupon of 18% per annum with a 5-year tenure and monthly interest payments. Separately, it approved issuing up to Rs. 25 crore of unlisted, secured Optionally Convertible Debentures (OCDs) on a preferential basis to non-promoter investor 'Special Situation India Fund', with 18% annual compounded interest, convertible into equity within 6-15 months or bullet redemption at 18 months. The company also plans to sell/transfer land at its Ludhiana unit, which contributed 33.39% of revenue last year, as part of asset monetisation to repay lenders. The company's net worth is deeply negative at Rs. -22,739.14 lakh as of March 2025. An EGM is scheduled for April 16, 2026 to seek shareholder approvals for the OCD issue and Articles amendment, while a postal ballot will cover the land sale.
This is a debt-laden company attempting to raise expensive debt (18% NCDs and OCDs) and monetise assets to reduce liabilities. The high interest rates signal significant credit risk, and the potential conversion of OCDs to equity could lead to dilution for existing shareholders.