Pudumjee Paper Products Limited has executed a Share Purchase Agreement to sell 12,04,999 equity shares of MITCON Solar Alliance Limited for an aggregate consideration of ₹2.40 crore plus applicable taxes.

The transaction, dated October 7, 2026, involves the sale of shares to MITCON Sun Power Limited, a wholly owned subsidiary of MITCON Consultancy & Engineering Services Limited. Upon completion, Pudumjee Paper Products will cease to be a shareholder in MITCON Solar Alliance Limited, which operates as a Special Purpose Vehicle for setting up and operating a Captive Solar Power Plant.

Transaction Details

The company filed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The buyer is not part of the promoter or promoter group of Pudumjee Paper Products, and the transaction is not classified as a related party transaction. The expected date of completion for the sale is within one month from the agreement date.

Financial Context of the Asset

MITCON Solar Alliance Limited is neither an associate nor a subsidiary company of Pudumjee Paper Products. According to the latest audited financial statements for FY26, the entity reported total income of ₹679.26 lakh and total equity of ₹984.81 lakh. The divestment marks a strategic exit from this specific solar power venture, with the proceeds amounting to approximately 24% of the entity's total equity base as per the disclosed figures.

What the Numbers Show

The consideration of ₹2.40 crore represents a valuation distinct from the book value implied by the total equity figure of ₹984.81 lakh. While the source does not provide the carrying value of the investment on Pudumjee’s books, the sale price relative to the subsidiary's total equity suggests a specific valuation metric applied during the negotiation. The absence of related-party status confirms the transaction was conducted at arm's length, ensuring regulatory compliance without requiring additional shareholder approval typically mandated for related-party deals.

Pudumjee Paper Products Limited has released the voting results for its 12th Annual General Meeting held on September 2, 2026. Shareholders approved all five resolutions, including the adoption of FY26 financial statements and the declaration of a dividend.

The meeting was conducted via video conference and other audio-visual means. The remote e-voting facility was available from August 30, 2026, to September 1, 2026. The cut-off date for determining voting entitlements was August 24, 2026.

Voting Participation

A total of 91 shareholders participated in the voting process, representing 72.40% of the outstanding shares. The promoter group, holding 67,940,100 shares, cast all their votes in favour of every resolution. Public institutional investors and non-institutional public shareholders also participated significantly.

Key Resolutions Passed

The members approved the following ordinary and special business items:

• Adoption of the audited financial statements for the fiscal year ended March 31, 2026.
• Re-appointment of Dr. Ashok Kumar as a director, who retires by rotation.
• Declaration of dividend on equity shares for FY26.
• Consent to accept fixed deposits from the public (Special Resolution).
• Approval of remuneration for cost auditors.

Resolution-wise Voting Results

All resolutions received the requisite majority. The promoter group voted unanimously in favour of all items. Dissenting votes were minimal across most resolutions.

Audit and Compliance

The statutory auditors and secretarial auditor issued unqualified reports for the financial year ended March 31, 2026. No adverse observations were recorded regarding financial transactions or company functioning. Mrs. Savita Jyoti served as the scrutinizer for the voting process.