Pakka Limited appointed Manoj Kumar Maurya as Chief Financial Officer on an interim basis, effective September 29, 2026. The appointment follows a board meeting held the same day to ensure continuity in financial leadership.

Maurya, currently serving as Commercial Head, brings over 28 years of experience with the company. He joined Pakka on September 1, 1998, and holds a Master's degree in Commerce. His reappointment marks his second stint in the CFO role, having previously served from February 7, 2020, until his resignation on June 9, 2020.

Appointment details and governance

The decision was made based on the recommendation of the Nomination and Remuneration Committee and approved by the Audit Committee. The appointment complies with Section 203 of the Companies Act, 2013, and relevant SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Maurya will serve as Key Managerial Personnel until a regular appointment is made.

Prior to this formal appointment, the Board authorized Maurya to discharge finance functions on August 14, 2026, allowing him to manage financial responsibilities alongside his commercial duties for approximately six weeks.

Profile and experience

Maurya is not related to any director or other key managerial personnel of the company. The company stated that his long association provides continuity and a deep understanding of its commercial and financial operations.

Pakka Limited has submitted its first monitoring agency report for the quarter ended June 30, 2026, confirming no deviation in the utilization of proceeds from its recent preferential issue. The packaging firm received ₹51.09 crore against an aggregate issue size of ₹114.62 crore, with funds directed towards its ongoing capital expenditure programme, Project Jagriti.

Brickwork Ratings India Private Limited served as the monitoring agency. The report verifies that the equity shares offered were fully subscribed, while the convertible warrants remained undersubscribed. The company appointed Brickwork Ratings on August 14, 2026, following unsuccessful discussions with another rating agency, which led to a delay in the submission of this initial report.

Issue Subscription Details

The preferential issue, conducted between May 25, 2026, and June 8, 2026, involved both equity shares and convertible warrants. While the equity component saw full subscription, the warrant component did not meet its target.

Note: The total value as per the offer document was revised to ₹114.62 crore due to the undersubscription of warrants. Each warrant is convertible into one equity share within 18 months of allotment.

Utilization of Proceeds

As of June 30, 2026, the company utilized ₹51.09 crore of the received proceeds. The primary deployment was towards repaying a term loan sanctioned by Canara Bank, which was explicitly raised for the modernization and expansion of the company’s existing unit at Ayodhya under Project Jagriti.

• ₹49.50 crore was utilized for principal repayment of the Canara Bank term loan.
• ₹0.50 crore was utilized for interest payment on the same loan.
• ₹1.09 crore was utilized directly towards the stated objects of the issue.

Although the Extraordinary General Meeting (EGM) notice dated May 5, 2026, did not explicitly list term loan repayment as a mode of utilization, the Board ratified this usage via a resolution dated August 14, 2026. The lender’s independent engineer report validated that the term loan was exclusively used for Project Jagriti activities, including the installation of a new paper machine and capacity enhancements.

What the Numbers Show

The deployment strategy highlights a reliance on debt financing for capital expenditures, with equity proceeds immediately servicing that debt. Out of the ₹51.09 crore received, approximately 98% (₹50.00 crore) was transferred to an escrow account specifically for term loan repayment. This indicates that the preferential issue was structured primarily to optimize the balance sheet by reducing interest-bearing liabilities associated with Project Jagriti, rather than for direct cash-outlay on equipment or construction during this period. The remaining unutilized amount stands at ₹63.53 crore against the revised issue cost.

Regulatory Compliance

The monitoring agency noted no deviation from the objects of the issue. All government and statutory approvals related to the project have been obtained. The report was prepared pursuant to Regulation 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Brickwork Ratings disclaimed liability for the delay in submission, attributing it to the issuer’s delay in appointing the monitoring agency.