Shilpa Medicare Limited shareholders have approved a special resolution to shift the company's registered office from one state to another and alter the situation clause of the Memorandum of Association. The resolution received 99.99% votes in favour, with 10,73,21,472 shares voting yes and 1,195 shares voting no. The postal ballot results were declared on June 23, 2026, following a voting process conducted via remote e-voting.

The postal ballot notice was issued on May 22, 2026, and the e-voting period commenced on May 24, 2026, at 09:00 a.m. IST, concluding on June 22, 2026, at 05:00 p.m. IST. The votes were unblocked and downloaded on June 23, 2026, at 11:12 a.m. IST from the portal of KFin Technologies Limited, the authorized agency engaged for the remote e-voting facility.

Scrutinizer's Report

The report was submitted by Santhosh Kumar Gunemoni, Partner, VCAN & Associates, Practicing Company Secretaries, who was appointed as the scrutinizer for the postal ballot process. The scrutinizer confirmed that the resolution was passed with the requisite majority based on the votes cast as "Assent" or "Dissent" / "For" or "Against".

The shareholders of the company holding shares as of the cut-off date, May 15, 2026, were entitled to vote on the resolution. The management of the company was responsible for ensuring compliance with the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Voting Results

The detailed voting results are as follows:

The company has requested the stock exchanges to take the above information on their records. The corporate relationship departments of BSE Limited and National Stock Exchange of India Ltd. were informed of the declaration of the postal ballot results.

Shilpa Medicare has announced that its wholly owned subsidiary, Shilpa Biocare Pvt Ltd, has entered into a strategic equity partnership with Gate2Brain, S.L., acquiring a 30.4% stake for a total consideration of €7 million. This collaboration focuses on advancing G2B-002, a first-in-class brain cancer therapy that has been granted Orphan Drug Designation by both the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA). The partnership designates Shilpa Biocare as the dedicated CMC, manufacturing, and regulatory partner for the program, aiming to bring the treatment to first-in-human trials by FY28.

Transaction Details

The acquisition involves a mix of cash infusion and equity for services, structured to support the development of Gate2Brain's proprietary peptide-shuttle platform. The transaction does not constitute a related party transaction and will be completed in various tranches as per definitive agreements.

Strategic Focus and Regulatory Status

Gate2Brain is a Barcelona-based biotechnology company incorporated under Spanish laws, specializing in peptide-based delivery systems that transport therapeutics across the blood-brain barrier. Its lead candidate, G2B-002, utilizes the proprietary MiniAp4 peptide shuttle to deliver SN-38, a potent anticancer agent, directly to brain tumors. The drug targets diffuse intrinsic pontine glioma (DIPG) and pediatric glioblastoma (pGBM), addressing critical unmet medical needs in rare and aggressive pediatric and adult brain cancers.

The Orphan Drug Designation from the US FDA and EMA validates the potential of G2B-002 to treat these rare conditions. Preclinical studies indicate the MiniAp4 platform can achieve up to 100-fold greater brain drug transport compared to conventional approaches, with potential applications extending to other rare pediatric cancers such as Ewing sarcoma and neuroblastoma.

Management Commentary

Vishnukant Bhutada, Managing Director of Shilpa Medicare Ltd, highlighted the strategic value of the investment, stating that becoming a shareholder allows the company to participate in long-term value creation while contributing essential manufacturing and regulatory depth. Meritxell Teixidó Turà, CEO of Gate2Brain, noted that the partnership provides a de-risked path to the clinic and validates the platform with a top-tier oncology partner. This transaction marks Shilpa Medicare's fourth strategic equity partnership, reinforcing its strategy of investing in differentiated innovation within the oncology and rare disease segments.