Sanstar Limited has received in-principle approval from BSE Limited and National Stock Exchange of India Limited to list 1,80,24,157 equity shares issued on a preferential basis to Corn Products Development Inc. The shares, having a face value of ₹2 each, were issued at a price of ₹110 per share, including a premium of ₹108. The BSE approval reference is LOD/PREF/DA/FIP/462/2026-27, and the NSE reference is NSE/LIST/56009, both dated July 2, 2026.

The preferential allotment was approved by the Board of Directors on June 24, 2026, pursuant to shareholder approval. The issue aggregates to approximately ₹198 crore, increasing the company's issued and paid-up share capital to ₹40,05,36,814. Following the issuance, Corn Products Development Inc., a non-promoter and an Ingredion group company, holds a 9% stake in the post-issue share capital. The shares are subject to lock-in restrictions under SEBI (ICDR) Regulations, 2018.

Allotment and Listing Details

The shares bear distinctive numbers from 182244251 to 200268407. Trading approval will be granted only after the company files confirmation letters from NSDL and CDSL regarding the credit of shares to beneficiary accounts and compliance with lock-in requirements. Sanstar must file an application for trading approval within seven working days from the date of listing approval to avoid penalties under SEBI circulars.

Board Appointments

Consequent to the allotment, the board appointed Mr. Jacques Georges Florent Guglielmi as an Additional Non-Executive Nominee Director, nominated by the investor. Mr. Niraj Yogeshbhai Shah was appointed as an Additional Director (Non-Executive Independent Director) for a term of three years, subject to shareholder approval. Both appointments are effective from June 24, 2026.

Sanstar Limited has re-published a newspaper advertisement in the Financial Express (Gujarati) on June 1, 2026, intimating shareholders about its Extraordinary General Meeting (EGM). The EGM is scheduled on June 20, 2026, at 11:00 a.m. IST through Video Conferencing or Other Audio Visual Means (VC/OAVM) to seek approval for a preferential issue of equity shares aggregating to ₹198.3 crores. The issue is priced at ₹110 per equity share, including a premium of ₹108, and is directed towards Corn Products Development Inc., a wholly owned subsidiary of Ingredion Incorporated. Post-allotment, the investor will hold approximately 9.0% stake in the company.

The Board of Directors approved the proposal on May 28, 2026. The proceeds are intended for working capital requirements and general corporate purposes, with deployment expected in FY 2026-27. As the issue size exceeds ₹100 crores, Acuité Ratings & Research Limited has been appointed as the monitoring agency to oversee fund utilization in accordance with SEBI regulations. The company has also proposed increasing its authorized share capital from ₹38 crores to ₹50 crores to facilitate this fundraise.

The remote e-voting facility will commence on June 17, 2026, at 9:00 a.m. IST and conclude on June 19, 2026, at 5:00 p.m. IST. Shareholders recorded in the register of members or beneficial owners as on the cut-off date of June 15, 2026, are entitled to vote. The advertisement was disclosed to the exchanges under Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Summary

Joint Venture Overview

Simultaneously, Sanstar and Ingredion have executed a definitive shareholders’ agreement to establish a jointly owned entity in India for the manufacture, sale, and distribution of specialty pharmaceutical and other specialty ingredient products. The Joint Venture partners include Sanstar, Ingredion India Private Limited, and Amishi Drugs and Chemicals Private Limited. The proposed entity will be incorporated as a private limited company, with manufacturing locations shortlisted in Gujarat and Maharashtra. Commercial operations are targeted within 30 to 36 months of incorporation, subject to applicable approvals.