Ganesh Benzoplast Limited has disclosed the detailed voting results for its 39th Annual General Meeting held on September 30, 2026. All four ordinary resolutions proposed at the meeting were passed with overwhelming majority, securing 99.99% or higher approval from the votes polled.

The company filed the scrutinizer’s report with BSE and NSE on October 1, 2026, pursuant to Regulation 44 of SEBI (LODR) Regulations, 2015. The meeting was conducted via Video Conferencing and Other Audio-Visual Means, complying with Ministry of Corporate Affairs and SEBI circulars. Chairman and Managing Director Rishi Pilani chaired the proceedings, which commenced at 3:00 pm and concluded by 3:35 pm.

Key resolutions passed

Shareholders voted on four ordinary resolutions during the session. The primary agenda included the appointment of a new statutory auditor and the reappointment of the CMD. The specific voting outcomes are detailed below:

Voting participation details

The company provided remote e-voting facilities from September 27 to September 29, 2026. Members who did not vote remotely were able to cast their votes during the live AGM session. M/s VKM & Associates served as the scrutinizer for the voting process.

Out of 50,499 total shareholders as on the cut-off date of September 23, 2026, a total of 3,10,80,966 votes were polled across all categories. The promoter and promoter group held 2,80,86,979 shares and voted 2,80,34,877 shares via e-voting, representing 99.81% of their holding. Public institutions voted 8,08,047 shares, while public non-institutions cast 22,38,042 votes.

Governance updates

The transition of statutory auditors marks a significant governance update for the chemical manufacturing firm. The reappointment of Rishi Pilani ensures continuity in leadership as the company reviews its performance highlights for the fiscal year ended March 31, 2026. The detailed e-voting results and the consolidated scrutinizer's report have been uploaded to the company website, stock exchange websites, and the Central Depository Services Limited platform.

Ganesh Benzoplast has signed definitive agreements to sell its liquid storage and rail logistics businesses to Cisternina Logistics Private Limited, a KKR-backed entity, for ₹1,154 crore. The Board of Directors approved the transaction on September 29, 2026, based on the Audit Committee's recommendation.

The transaction involves the divestiture of two business verticals: the liquid storage tank business at terminals located at Jawaharlal Nehru Port (JNP), Goa Port, and Cochin Port, and the shareholding in ILSL Rail Logistics Private Limited, which operates the rail logistics business in Daund. The sale will be executed on a slump sale basis.

Deal overview

The completion of the transaction is subject to necessary regulatory and shareholders' approvals and is expected to occur in tranches over the next 18-24 months. Cisternina Logistics Private Limited (CLPL) was founded by infrastructure veterans Amit Saboo, Kartik Deuskar, and Puneet Kedia. Funds managed and advised by KKR will make a majority investment in CLPL.

Financial contribution of divested units

According to disclosures under Regulation 30 of the SEBI Listing Regulations, the units being sold represented a significant portion of Ganesh Benzoplast's consolidated financials for the fiscal year ended March 31, 2026. The Liquid Storage Tank Undertaking contributed 39.29% of total revenue and 41.72% of net worth. The Rail Logistics Undertaking contributed 6.73% of revenue and 3.18% of net worth.

Combined, these two undertakings accounted for approximately 46% of the company's consolidated revenue and over 44% of its net worth in FY26. The consideration for the sale is subject to adjustments based on conditions and milestones set out in the definitive documents.

Strategic use of proceeds

Ganesh Benzoplast stated that it will utilize the proceeds from the sale to grow and expand its capacity for manufacturing chemicals, food preservatives, and lube oil additives. The company also plans to execute higher value projects in its Engineering, Procurement, and Construction (EPC) business. Additionally, the company will consider enhancement of shareholder value through corporate actions such as buybacks, subject to regulatory provisions.

Additional EPC opportunity

In addition to the asset sale, CLPL has entered into definitive documents to engage Ganesh Benzoplast for EPC services related to the expansion, construction, and building of pipelines and tanks at the JNP facility. These EPC related services are expected to generate additional revenue of approximately ₹280 crore (excluding taxes) for Ganesh Benzoplast over the next 18-24 months.

Management commentary

Rishi Pilani, Chairman and Managing Director of Ganesh Benzoplast, noted that the company has built a strong liquid storage and logistics business over several decades. He stated that Cisternina and KKR are well positioned to support its next phase of growth. The management remains focused on growing the chemical business by adding new product lines and increasing the scale of the EPC business.

Ravi Pilani, President of the Chemical Manufacturing Division, described the transaction as a significant milestone. He added that the division will focus on building new Make in India opportunities along with trading chemicals to deliver significant growth over the next decade.