Pankaj Polymers has approved a significant capital raise and strategic repositioning towards the financial technology sector. On July 24, 2026, the Board of Directors sanctioned a preferential issue of up to 8,55,000 equity shares and 22,20,000 warrants convertible into equity shares, aggregating to approximately ₹24.9 crore. This move signals a decisive shift away from its traditional polymer business toward digital payments and fintech services, aiming to capture growth in India’s expanding digital economy.

The issuance is priced at ₹81 per equity share and ₹81 per warrant. The equity component targets non-promoter investors, while the warrant issue includes both promoter group and non-promoter participants. The warrants carry a tenor of 18 months from the date of allotment and are convertible into one fully paid-up equity share each. Shareholders must approve these transactions at an Extra-Ordinary General Meeting (EGM) scheduled for August 22, 2026.

Strategic Pivot and Corporate Restructuring

Concurrent with the fundraising, the Board approved an in-principle proposal to change the company’s name from Pankaj Polymers Limited to Rupia Tech Limited, Rupia Fin Limited, or Rupia Fintech Limited. This renaming aligns with the alteration of the Object Clause in the Memorandum of Association to include digital payment solutions, payment aggregation, Bharat Bill Payment System (BBPS) services, digital gifting, e-commerce, and software IT services.

Additionally, the Board approved shifting the registered office from Secunderabad, Telangana, to the National Capital Territory of Delhi. This relocation requires approval from shareholders and confirmation by the Regional Director of the Ministry of Corporate Affairs.

Investor Details and Shareholding Impact

The equity shares are being allotted to 19 non-promoter investors. Mayank Chawla, the Whole-time Director, is among the subscribers, acquiring 1,25,000 shares. Other notable investors include Zulia Zafar (1,00,000 shares) and Manav Sharma (50,000 shares).

The warrant issue involves 17 investors, including promoter group members Samarth Jain, Shweta Raghuvanshi, and Sonia Garg, who are each allotted 1,20,000 warrants. Non-promoter investors Ayushi Bhati and Shankar Nath are the largest warrant subscribers, each receiving 3,80,000 warrants. Post-allotment shareholding percentages have been computed on a fully diluted basis assuming full conversion of warrants.

Governance and Compliance

The Board also appointed M/s. Shilpi Sharma & Co., Chartered Accountants, as Statutory Auditors to fill the casual vacancy caused by the resignation of M/s. Luharuka & Associates. Their appointment is subject to shareholder approval at the ensuing Annual General Meeting. The cut-off date for determining voting eligibility for the EGM is August 15, 2026. M/s Akash & Co., Practicing Company Secretaries, has been appointed as the Scrutinizer for the e-voting process.

What the Numbers Show

The dual issuance of equity and warrants at the same price point (₹81) suggests a structured approach to capital raising that balances immediate cash inflow with future dilution control. The inclusion of promoter group members in the warrant tranche indicates insider confidence in the long-term value proposition of the proposed fintech business model. However, the substantial dilution risk remains until the warrants either convert or lapse after 18 months.

Pankaj Polymers Limited has reclassified its promoters and promoter group entities to the public category following the completion of an open offer. The reclassification, disclosed to BSE Limited on June 29, 2026, impacts nine entities that collectively held significant stakes prior to the offer. This transition signifies a change in the company's shareholding structure and control, complying with Regulation 31A(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The reclassification follows the open offer conducted pursuant to the Letter of Offer dated February 09, 2026, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. As a result, the erstwhile promoters no longer exercise control over the company or participate in decision-making processes. The company confirmed that these entities do not hold more than 10% shareholding, possess special rights, or hold board positions.

The following table details the shareholding changes for the reclassified entities:

The requests for reclassification were submitted by the erstwhile promoters to the company. Pankaj Polymers Limited has requested the stock exchange to update its records to reflect the status of these entities as public shareholders. The disclosure was signed by Mayank Chawla, Additional Director, on behalf of the company.