EPL Limited has announced the record date for the maturity of Commercial Papers worth Rs. 60 Crore. The company informed both BSE Limited and National Stock Exchange of India Limited about the upcoming maturity of these debt instruments on April 15, 2026.

Commercial Paper Maturity Details

The Commercial Papers were originally issued and allotted by EPL Limited on January 22, 2026, and are now approaching their maturity date. The company has set the record date as April 21, 2026, one day before the actual maturity date.

Regulatory Compliance

The announcement was made in accordance with the Master Circular bearing reference number SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/000000137 dated October 15, 2025, issued by the Securities and Exchange Board of India. The company also referenced the 'FAQs for listing of Commercial Papers' issued by both stock exchanges.

Company Information

EPL Limited trades on BSE with scrip code 500135 and on NSE with the trading symbol EPL. The company's equity shares carry the ISIN INE255A01020. The announcement was signed by Onkar Ghangurde, Head - Legal, Company Secretary & Compliance Officer, on April 15, 2026.

The company maintains its registered office at P.O. Vasind, Taluka Shahapur, Dist. Thane 421604, Maharashtra, while its corporate office is located at Times Tower, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai.

EPL Limited has announced a landmark merger with Indovida India Private Limited, creating a $1 billion revenue packaging powerhouse that will establish the combined entity as a leader in consumer packaging for emerging markets. The strategic transaction, announced on March 30, 2026, represents one of the most significant consolidation moves in the global packaging industry.

Transaction Structure and Valuation

The merger is structured as a share swap arrangement that is entirely cash neutral for EPL, with EPL continuing as the listed entity. The transaction details reveal attractive valuations for both parties:

The swap ratio is based on joint recommendations by two reputed valuers, BDO and Duff & Phelps, with a fairness opinion issued by Ernst & Young. Post-merger, EPL will issue INR18.5 crores additional shares, bringing the total share count to INR51 crores.

Combined Entity Financial Profile

The merger creates a formidable financial platform with significantly enhanced scale and profitability metrics. The combined entity will demonstrate strong financial performance across key parameters:

Indovida delivered impressive financial metrics in 2025, including a 21.3% EBITDA margin and 23.7% ROCE, while maintaining an 8% volume CAGR over the last five years through organic and inorganic expansion strategies.

Strategic Rationale and Market Positioning

The merger aligns with EPL's vision to become a leader in consumer packaging for emerging markets through three key strategic pillars: entering new emerging markets in Southeast Asia and Africa, evolving from a single-format supplier to a multi-format player, and becoming an innovation partner for both large and emerging brands globally.

The combined entity will operate across 40 manufacturing sites in 20 countries, with 75% of revenue derived from high-growth emerging markets in Asia, Africa and Latin America. Indovida holds number one or number two positions in most key markets, including Thailand, Vietnam, Philippines, Egypt, Nigeria and Ghana.

Business Portfolio and Customer Base

Indovida operates primarily in rigid plastics with three sub-segments: preforms (75% of business), bottles (12.5%), and caps and closures (12.5%). The company serves marquee customers including Coca-Cola, Pepsi, Nestle, ThaiBev, Masan, Unilever, Danone, P&G, L'Oreal, Guinness and Northern Islands across nine key countries.

The low product overlap between EPL's flexible packaging and Indovida's rigid packaging creates immediate portfolio diversification with no cannibalization, while opening opportunities for cross-selling in complementary areas like closures and specialty packaging formats.

Synergies and Growth Opportunities

Management has identified synergies of $35 million to $50 million annually across three main areas:

• Geographical Footprint: Cross-leverage leading market positions, with EPL accessing Vietnam and Nigeria through Indovida's infrastructure, while Indovida can enter India, China and Latin America through EPL's presence
• Product Portfolio: Diversification into complementary rigid and flexible formats, with opportunities in specialty caps, closures and rigid custom containers
• Cost Optimization: Procurement benefits, supply chain optimization and network efficiencies

The merger also creates a strong balance sheet foundation, with the combined entity's debt-to-EBITDA ratio improving to 0.25 from EPL's current 0.65, providing significant capacity for organic growth and strategic acquisitions.

Ownership Structure and Governance

Post-merger, Indorama Ventures Limited (IVL) will hold 51.8% of the combined entity and assume the promoter role, while Blackstone will retain 16.6% as joint promoter. IVL brings extensive experience with 15+ successful integrations and deep understanding of emerging market operations, along with preferential access to raw materials through its $13.6 billion polymer value chain business.

The transaction is subject to regulatory approvals including SEBI, NCLT and majority of minority shareholder approval, with completion expected within approximately 12 months. The Board composition will include at least three seats for Indorama and one seat for Blackstone, with remaining independent directors as per regulatory requirements.