AVI Polymers Limited has achieved a significant milestone in its fundraising journey, receiving in-principle approval from BSE Limited for its proposed rights issue of fully paid-up equity shares. The BSE approval, issued on January 06, 2026, brings the company closer to completing its Rs 90.00 crore capital raising initiative.

BSE Approval Details

The company received the in-principle approval through BSE's reference letter LOD/Rights/PB/FIP/1490/2025-26 dated January 06, 2026. This approval allows AVI Polymers to use BSE's name in its Letter of Offer for the proposed rights issue, subject to including mandatory disclaimer clauses.

Rights Issue Framework

The Board of Directors had previously approved raising funds up to Rs 90.00 crore through a rights issue of equity shares, each with a face value of Rs 10.00. The company plans to issue equity shares to eligible shareholders, with an authorized Allotment Committee finalizing the detailed terms and conditions.

Compliance Requirements

BSE has outlined several key compliance requirements for AVI Polymers to fulfill:

• Record Date Notice: The company must provide at least three working days advance notice to BSE before fixing the record date
• Price Disclosure: Rights issue price must be disclosed at least 3 working days prior to the record date
• Documentation: Ten printed copies of Letter of Offer and Composite Application Form must be sent to BSE
• Dematerialization: Agreements with all depositories must be in place for dematerialized securities

Financial Position Context

The rights issue approval comes at a time when AVI Polymers has shown positive financial trends:

Strategic Implications

The BSE approval represents a crucial step toward AVI Polymers' capital expansion strategy. The proposed Rs 90.00 crore rights issue is substantial compared to the company's current equity base of Rs 5.70 crore, potentially transforming its financial capabilities and growth prospects.

With the in-principle approval secured, AVI Polymers can now proceed with finalizing the offer documents and completing remaining statutory formalities. The company must ensure compliance with all legal requirements before dispatching the Letter of Offer to shareholders, marking the next phase of this significant fundraising initiative.

AVI Polymers Limited has issued a clarification regarding its board meeting outcome dated September 5, 2025, addressing missing disclosure requirements under SEBI regulations. The company submitted a revised intimation on December 16, 2025, to the Bombay Stock Exchange, acknowledging that it had erroneously missed certain mandatory disclosures for resigning independent directors.

Clarification Details

The company's Managing Director, Chintany Ashwantbhai Patel (DIN: 10774473), informed the exchange that the original board meeting outcome failed to include required disclosures under Part A of Schedule III of SEBI (LODR) 2015. Specifically, the company missed mentioning the names of listed entities where resigning directors hold directorships, along with their category of directorship and board committee memberships.

Board Changes Summary

The September 5, 2025 board meeting involved significant leadership restructuring:

New Appointments:

• Mr. Sadhu Jignesh Harendrabhai (DIN: 11278005) - Additional Non-Executive Independent Director (BSc graduate)
• Ms. Varsha Prajapat (DIN: 11277997) - Additional Non-Executive Independent Director (MA graduate)
• Mr. Harsh Parmar (DIN: 11279019) - Additional Executive Director (B.Com graduate)

Resignations:

• Ms. Sapna (DIN: 10294154) - Non-Executive Independent Director
• Mr. Ram Kumar Singh (DIN: 10871912) - Non-Executive Independent Director
• Ms. Ritu Tiwari - Company Secretary and Compliance Officer

Resigning Directors' Other Directorships

The revised disclosure reveals the external directorships of resigning independent directors:

Ms. Sapna's Directorships:

Mr. Ram Kumar Singh's Directorships:

Auditor Changes

The board meeting also addressed changes in the secretarial auditing team:

• Resignation: M/s. Jalan Alkesh & Associates stepped down due to other professional commitments
• Appointment: M/s SCS & CO. LLP, led by Mr. Abhishek Chhajed (FCS 11334), was appointed as new Secretarial Auditors for FY 2024-25

Compliance and Regulatory Framework

The clarification demonstrates AVI Polymers' commitment to regulatory compliance under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has assured that all necessary statutory forms will be filed with the Registrar of Companies in accordance with the Companies Act, 2013.

The board meeting, which lasted from 11:30 a.m. to 11:45 a.m. on September 5, 2025, represents a significant transition period for the company as it strengthens its corporate governance framework with new leadership appointments.