Jain Resource Recycling reallocates ₹36.64 million IPO proceeds
- Reallocated ₹36.64 million unutilised IPO proceeds to General Corporate Purposes
- Reallocation complies with SEBI ICDR Regulation 7(2) limits on corporate use
- Postal ballot initiated for appointing Prakash Kumar Behera and Kajal Mayur Saiya
- Remote e-voting window runs from October 17 to November 16, 2026
*this image is generated using AI for illustrative purposes only.
Jain Resource Recycling Limited has approved the reallocation of ₹36.64 million in unutilised Initial Public Offer (IPO) proceeds to General Corporate Purposes. The decision, taken by the Board of Directors via circulation on October 7, 2026, aims to optimise capital usage while adhering to regulatory limits.
The company stated that the amount was originally earmarked for Issue Expenses but remained unused. This reallocation complies with the terms of the Prospectus dated September 26, 2025. It also ensures that the aggregate amount allocated to General Corporate Purposes remains within 25% of the gross issue proceeds, as mandated by Regulation 7(2) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Consequently, this move does not constitute a variation in the objects of the Issue under Section 27 of the Companies Act, 2013.
Independent director appointments
The Board also approved a Postal Ballot Notice to seek member approval for the appointment of two new Independent Directors. These appointments are necessary to fill casual vacancies caused by recent resignations. The resolutions will be passed by special resolution through remote e-voting only.
| Director Name | DIN | Appointment Date | Replacing | Resolution Type |
|---|---|---|---|---|
| Prakash Kumar Behera | 11878579 | August 22, 2026 | Kandaswamy Paramasivan | Special |
| Kajal Mayur Saiya | 11319429 | August 22, 2026 | Revathi Raghunathan | Special |
Voting schedule and process
The company has outlined a specific timeline for the e-voting process to ensure transparency and compliance with listing regulations. M/s. BP & Associates has been appointed as the Scrutinizer to oversee the postal ballot process and submit the final report.
| Particulars | Date / Time |
|---|---|
| Cut-off date for eligible members | October 9, 2026 |
| Commencement of remote e-voting | October 17, 2026 at 9:00 am |
| Conclusion of remote e-voting | November 16, 2026 at 5:00 pm |
| Declaration of results | On or before November 18, 2026 |
The Postal Ballot Notice will be dispatched to members separately and made available on the company's website along with stock exchange platforms. The reallocation details will be reported in the Monitoring Agency Report and the quarterly statement under Regulation 32 of the Listing Regulations.
Historical Stock Returns for Jain Resource Recycling
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.72% | +2.61% | +6.19% | -34.46% | -5.14% | -7.20% |
How will the reallocation of ₹36.64 million to General Corporate Purposes impact Jain Resource Recycling's short-term liquidity and operational flexibility?
What specific strategic initiatives or debt obligations does the company plan to address with the newly reallocated IPO proceeds?
Will the appointment of Prakash Kumar Behera and Kajal Mayur Saiya bring new expertise or industry connections that could influence the company's recycling technology roadmap?
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