Sanginita Chemicals Limited has allotted 1,52,87,356 fully paid-up equity shares to B N G Investment LLC to complete the acquisition of 100% stake in Agastya Green Energy Limited. The shares were issued at a price of ₹13.05 per share, including a premium of ₹3.05, pursuant to a share swap agreement approved by shareholders in April 2026. This transaction finalizes the acquisition of Agastya Green Energy Limited, a strategic move for the company.

The Board of Directors approved the allotment on June 9, 2026, following shareholder approval via a special resolution at an Extra-Ordinary General Meeting held on April 11, 2026. The National Stock Exchange of India Limited granted in-principle approval for the transaction on June 3, 2026. The shares were allotted on a preferential basis to B N G Investment LLC, the shareholder of Agastya Green Energy Limited.

Transaction Details

The preferential allotment was executed to satisfy the terms of the Share Swap and Share Purchase Agreement (SSSPA). The equity shares allotted will be directly transferred to the demat account of the proposed allottee in accordance with Regulation 22(2A) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The Board of Directors decided to credit the equity shares to the proposed allottee's account after Mr. Anubhav Agarwal, the acquirer to the open offer, deposited an amount equal to the entire consideration payable under the open offer assuming full acceptance. The Board meeting convened at 7.00 p.m. and concluded at 7.15 p.m. on June 9, 2026.

Sanginita Chemicals Ltd has reconstituted its Board of Directors following the completion of an open offer by B N G Investment LLC and Mr. Anubhav Agarwal. The company appointed Mr. Anubhav Agarwal and Mr. Gaurav Kumar Tripathi as Additional Directors effective June 5, 2026. The Board also approved the appointment of Mr. Gaurav Kumar Tripathi as Whole-time Director for a term of three years ending June 4, 2029. These changes were effected in accordance with Regulation 24(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, after the acquirers deposited 100% of the consideration payable under the open offer.

In addition to the director appointments, the Board appointed Mr. Piyush Bichhoriya as an Additional Director (Non-Executive Non-Independent). The company also appointed Mr. Amit Kalra as the Chief Financial Officer and Ms. Nidhi Dixit as the Company Secretary and Compliance Officer, effective June 5, 2026. All appointments are subject to shareholder approval within three months of the appointment date.

The restructuring resulted in the resignation of three directors and the CFO. Mr. Vijaysinh D. Chavda resigned as Whole-time Director, while Mrs. Hansaben D. Chavada and Mr. Dineshsinh B. Chavada resigned as Non-Executive Non-Independent Directors. Ms. Sangitaben D. Chavda resigned as Chief Financial Officer. All resignations were effective from the close of business hours on June 5, 2026, pursuant to the change in management.

Appointments

Resignations

The disclosures were made to the National Stock Exchange of India Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that none of the newly appointed directors are debarred from holding the office of director by any SEBI order or other authority.