Midland Polymers Limited has published newspaper advertisements regarding its upcoming Extraordinary General Meeting (EGM) following the board's approval of a comprehensive corporate restructuring plan. The company had earlier announced the complete acquisition of JMRCLEAN Energy Private Limited along with significant capital expansion initiatives during its board meeting held on March 27, 2026.

EGM Publication and Compliance

On April 2, 2026, Midland Polymers informed BSE Limited about the newspaper publication of its 1st Extraordinary General Meeting notice. The advertisements were published in Financial Express (English daily) and Mana Telangana (Telugu daily) on April 2, 2026, in compliance with Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Acquisition of JMRCLEAN Energy

The board has approved the acquisition of 100% equity share capital of JMRCLEAN Energy Private Limited through a share swap arrangement valued at Rs. 10.54 crore. JMRCLEAN Energy, incorporated on December 17, 2024, operates as an EPC and energy-generation company specializing in renewable power, electrical works, and infrastructure development.

JMRCLEAN Energy has executed over 100 MW of projects and maintains a 30+ member core team. The company delivers turnkey solutions across solar, wind, electrification, civil works, BESS and technical services. Post-acquisition, JMRCLEAN will become a wholly-owned subsidiary of Midland Polymers.

Capital Structure Enhancement

The company has approved a substantial increase in its authorized share capital from Rs. 13.60 crore to Rs. 40.00 crore, subject to shareholder approval. This expansion will accommodate the planned equity issuances and future growth requirements.

Multiple Preferential Issues

The board has approved three separate preferential issues totaling approximately Rs. 36.83 crore:

Share Swap Issue

• Securities: Up to 1,05,40,500 equity shares at Rs. 10/- each
• Value: Rs. 10.54 crore
• Purpose: Acquisition consideration for JMRCLEAN Energy
• Swap Ratio: 1:10.54 (1 JMRCLEAN share for 10.54 Midland Polymers shares)

Cash Consideration Issue

• Securities: Up to 1,32,90,740 equity shares at Rs. 10/- each
• Value: Rs. 13.29 crore
• Category: Promoter and non-promoter public

Convertible Warrants Issue

• Securities: Up to 1,30,00,000 convertible warrants at Rs. 10/- each
• Value: Rs. 13.00 crore
• Conversion Period: 18 months from allotment date
• Initial Payment: 25% at allotment, 75% at conversion

Business Expansion and Enhanced Capabilities

The board has approved significant amendments to the company's Memorandum of Association to expand business activities into electrical power transmission, underground cabling projects, wind energy development, defence infrastructure, and water treatment facilities. The company has also enhanced its financial limits, increasing borrowing capacity and investment limits to Rs. 500 crore each, subject to shareholder approval.

The acquisition is expected to strengthen the company's position in the renewable energy sector while expanding its operational capabilities and market reach. Shareholders will vote on all proposed resolutions during the upcoming EGM scheduled for April 25, 2026.

Midland Polymers Limited has announced a public open offer under SEBI (SAST) Regulations 2011, with five acquirers seeking to purchase 97.50 lakh equity shares at Rs 10 per share. The offer represents a significant corporate development that will reshape the company's ownership structure.

Open Offer Details

The open offer encompasses key financial and structural parameters that define the acquisition scope:

The offer is being managed by Navigant Corporate Advisors Limited, which has been appointed as the manager to the offer by the five acquirers.

Acquirer Details and Shareholding Structure

Five individuals have been identified as the acquirers in this transaction:

• Gayathri Boreddy (Acquirer-1): Will hold 77,79,372 shares (20.74% of expanded capital)
• Jagannath Edla (Acquirer-2): Will hold 64,82,810 shares (17.29% of expanded capital)
• Radha Krishna Avudari (Acquirer-3): Will hold 51,86,248 shares (13.83% of expanded capital)
• Mohammad Amaan Shaik (Acquirer-4): Will hold 51,86,248 shares (13.83% of expanded capital)
• Ravi Kiran Veeramalla (Acquirer-5): Will hold 12,96,562 shares (3.46% of expanded capital)

Currently, none of the acquirers hold any shares in the target company, representing a complete change in the promoter structure.

Underlying Transaction Details

The open offer has been triggered by a board resolution passed on March 27, 2026, approving a preferential allotment structure:

The preferential allotment includes both equity shares and convertible warrants, with the acquirers set to control 69.15% of the expanded equity and voting share capital upon completion.

Capital Structure Transformation

The transaction will significantly alter the company's capital structure across three phases:

• Existing Share Capital: 6,68,760 equity shares of Rs 10 each
• Emerging Equity Capital: 2,45,00,000 shares post preferential allotment
• Expanded Equity Capital: 3,75,00,000 shares including convertible warrants

The existing promoters will cease to be promoters and will be reclassified as public shareholders in accordance with SEBI (LODR) Regulations.

Regulatory Compliance and Timeline

The open offer complies with SEBI (SAST) Regulations 2011, specifically Regulation 3(1) and Regulation 4. The detailed public statement will be published on or before April 7, 2026, in newspapers as required by Regulation 14(3). The consent of members for the proposed preferential allotment will be sought through an Extra Ordinary General Meeting scheduled for April 25, 2026.

The offer is not conditional upon any minimum level of acceptance and is not a competitive bid. The acquirers have undertaken to comply with all obligations under SEBI (SAST) Regulations and confirmed adequate financial resources to meet the offer obligations.