Sundaram Multi Pap has successfully completed the installation of solar roof panels at its Palghar factory, according to an official press release filed under Regulation 30 of SEBI regulations. The initiative represents a significant milestone in the company's commitment to environmental sustainability and renewable energy adoption.

Official Announcement and Regulatory Filing

The company formally announced the completion of the solar panel project through a press release dated April 2, 2026, submitted to BSE Limited and National Stock Exchange of India. The announcement emphasizes the company's transition to renewable energy sources as part of its broader sustainability strategy.

Leadership Commitment to Sustainability

Hardik Shah, CEO of Sundaram Multi Pap, expressed enthusiasm for the project, stating: "At Sundaram, we are committed to doing our part in addressing climate change and fostering a sustainable future. The installation of solar roof panels is not just an investment in renewable energy, but a testament to our responsibility toward the environment and the communities we serve."

Strategic Partnership and Implementation

The solar panel installation was executed in partnership with Polaris Renewable Solutions Pvt. Ltd., a trusted provider of renewable energy solutions. The collaboration ensured seamless integration of solar technology into the company's existing infrastructure while minimizing operational disruption and maximizing efficiency.

Company Background and Market Position

Established in 1995, Sundaram Multi Pap Limited operates as a leading stationery brand with strong presence across India, particularly in Maharashtra and Gujarat. The company offers a premium range of products including notebooks, drawing books, scrapbooks, and office supplies, reflecting its commitment to superior paper quality and innovative designs.

Sundaram Multi Pap Limited has formally withdrawn its proposed preferential issue of 7,04,00,000 equity shares following the board meeting held on March 5, 2026. The decision came after Sundaram Land and Assets Private Limited (SLAPL) communicated its withdrawal from the share swap transaction on February 27, 2026, citing material changes in prevailing market conditions.

Board Meeting Outcome and Decision

The board meeting, which commenced at 11:00 AM and concluded at 12:00 Noon on March 5, 2026, was held at the company's premises in Andheri East, Mumbai. During the meeting, directors considered SLAPL's communication and resolved not to proceed further with the proposed preferential issue that was originally approved by shareholders at the Extraordinary General Meeting held on November 12, 2025.

Original Transaction Structure

The proposed transaction involved the issuance of 7,04,00,000 equity shares at ₹3.35 per share, with a total transaction value of ₹235.90 crore. Through this share swap mechanism, Sundaram Multi Pap intended to acquire a 52.38% stake in SLAPL. The transaction had received shareholder approval at the Extraordinary General Meeting conducted on November 12, 2025.

Market Conditions and Withdrawal Rationale

SLAPL's withdrawal was primarily attributed to the substantial decline in Sundaram Multi Pap's share price, which dropped from the originally proposed swap price of ₹3.35 per share to ₹1.52 per share as of February 27, 2026. This represented a decline of ₹1.83 per share, or 54.63%, over the 107-day period since the EGM approval.

Regulatory Compliance and Communication

The company has maintained full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, throughout the process. Chairman & Managing Director Amrut Premji Shah signed the official communication to BSE Limited and National Stock Exchange of India Limited, informing them of the board meeting outcome. SLAPL had cited delays in obtaining requisite approvals and the material reduction in economic value as key factors in their decision to withdraw from the transaction.

The formal withdrawal of this preferential issue represents a significant shift in the company's expansion strategy and may require reassessment of its growth plans involving strategic partnerships and acquisitions.