Midland Polymers Limited successfully conducted its 1st Extraordinary General Meeting (EGM) for the Financial Year 2026-27 on Saturday, April 25, 2026. The meeting was held through video conference and other audio-visual means, demonstrating the company's adaptation to modern corporate governance practices.

Meeting Details and Attendance

The EGM commenced at 11:00 a.m. and concluded at 11:08 a.m., with a total of 6 members in attendance. Mrs. Mounika Pammi was appointed as chairperson for the meeting, while Ms. Archita Singh Gangwar, Company Secretary and Compliance Officer, facilitated the proceedings.

Board and Key Management Personnel Present

The meeting saw comprehensive participation from the company's leadership team. The board members and key management personnel who attended the EGM included:

Special Business Agenda Items

The EGM addressed nine critical special business items that reflect the company's strategic growth initiatives and corporate restructuring plans:

• Increase in authorized share capital and consequent alteration of Memorandum of Association
• Issue of equity shares on preferential basis to non-promoters for consideration other than cash
• Issue of equity shares on preferential basis to non-promoters for consideration in cash
• Issue of convertible warrants on preferential basis to non-promoters
• Alteration of object clause of memorandum of association
• Increase in borrowing limits
• Power to create charge on company assets to secure borrowings pursuant to Section 180(1)(a) of the Companies Act, 2013
• Increase in limits for making investments, extending loans, and providing guarantees or securities
• Appointment of Mr. Sreeram Athota (DIN: 10432878) as Non-Executive, Independent Director

Voting Process and Compliance

The company implemented a comprehensive electronic voting system to ensure member participation. M/s. Nuren Lodaya and Associates, Practicing Company Secretaries, were appointed as scrutinizer to oversee the voting process. The company provided remote e-voting facilities prior to the meeting, and members who had not previously voted were given an additional fifteen-minute window for electronic voting after the meeting's conclusion.

No speaker shareholders attended the meeting, and since resolutions were put to vote through remote e-voting, there was no requirement for proposing, seconding, or voting by show of hands. The voting results and scrutinizer's report will be communicated to BSE Limited and published on the company's website in due course, ensuring full transparency and regulatory compliance.

Midland Polymers Limited has filed a draft letter of offer with the Securities and Exchange Board of India (SEBI) for a mandatory open offer scheduled to commence from May 25, 2026 to June 8, 2026. The comprehensive document outlines the acquisition of up to 97,50,000 equity shares at an offer price of Rs. 10/- per share.

Open Offer Details

The open offer represents a significant corporate development for the company, with the acquisition targeting 26.00% of the expanded equity and voting share capital. The offer is being made by a consortium of five acquirers, with Mrs. Gayathri Boreddy leading as Acquirer-1, supported by Mr. Jagannath Edla, Mr. Radha Krishna Avudari, Mr. Mahammad Amaan Shaik, and Mr. Ravi Kiran Veeramalla.

Preferential Issue and Share Capital Structure

The open offer follows a proposed preferential allotment where the acquirers will receive 1,49,31,240 fully paid-up equity shares representing 60.94% of emerging equity and voting share capital. The allotment includes both cash consideration and share swap arrangements.

The company's capital structure will undergo significant changes post-preferential allotment:

Financial Arrangements and Escrow

The acquirers have demonstrated financial capability by depositing Rs. 250.00 lacs in an escrow account with Kotak Mahindra Bank Limited on March 30, 2026. This amount exceeds the mandatory 25% of the total offer consideration, ensuring compliance with regulatory requirements.

Navigant Corporate Advisors Limited has been appointed as the Manager to the Offer, while Purva Sharegistry (India) Private Limited serves as the Registrar. The settlement will be conducted through BSE Limited as the designated stock exchange, with Allwin Securities Limited acting as the buying broker.

Acquirer Background and Net Worth

The five acquirers bring substantial financial resources and industry experience:

Company Transformation and Future Plans

Currently, the target company has no operational revenue. Following the acquisition of substantial stake and management control, the acquirers propose to initiate new business lines and diversify activities, subject to shareholder and regulatory approvals. The existing promoter will cease to be the promoter and will be reclassified as a public category shareholder.

The offer includes provisions for proportionate acceptance in case of oversubscription, with the minimum marketable lot being one share. The acquirers have committed to maintaining the company's listing status and ensuring compliance with minimum public shareholding requirements.

Regulatory Compliance and Timeline

The draft letter of offer submission follows the public announcement made on March 27, 2026, and the detailed public statement published on April 7, 2026. Key upcoming milestones include the identified date of May 11, 2026, for determining eligible shareholders, and the dispatch of offer documents by May 18, 2026.

The offer is subject to standard regulatory approvals, with SEBI approval for BSE regarding the preferential issue being the primary requirement. The comprehensive documentation ensures transparency and provides detailed risk factors, procedural guidelines, and settlement mechanisms for participating shareholders.