Captain Polyplast Secures Vendor Empanelment for PM-KUSUM Scheme's Solar Water Pumping Systems

Captain Polyplast Ltd , a key player in the agricultural and solar energy sectors, has achieved a significant milestone in its business operations. The company has received a Letter of Acceptance (LOA) from Dakshin Gujarat Vij Company Limited, marking its empanelment as a vendor for the supply of off-grid standalone solar photovoltaic water pumping systems under Component-B of the PM-KUSUM scheme in Gujarat State.

PM-KUSUM Scheme Empanelment

The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme is a government initiative aimed at promoting solar energy in the agricultural sector. Captain Polyplast's empanelment as a vendor under this scheme opens up new opportunities for the company to contribute to sustainable agricultural practices and rural development in Gujarat.

Business Implications

This empanelment is expected to strengthen Captain Polyplast's position in the renewable energy sector, particularly in the realm of solar-powered agricultural solutions. By supplying solar photovoltaic water pumping systems, the company will play a crucial role in helping farmers access clean, sustainable energy for irrigation purposes.

Management Statement

Rameshbhai D. Khichadia, the Managing Director of Captain Polyplast Ltd, announced this development as part of a business update to the stock exchange. The company's proactive approach in aligning with government initiatives demonstrates its commitment to sustainable growth and environmental responsibility.

Recent Corporate Actions

In addition to this empanelment, Captain Polyplast has recently undertaken significant corporate actions. The company's board of directors approved the allotment of 2,50,000 equity shares pursuant to the conversion of an equal number of warrants. This allotment was made to a non-Promoter Group entity on a preferential basis.

Capital Structure Update

Following this allotment, Captain Polyplast's paid-up equity share capital has increased. The post-issue paid-up capital now stands at 5,99,28,790 equity shares, amounting to Rs. 11,98,57,580.00. This represents an increase from the pre-issue paid-up capital of 5,96,78,790 shares valued at Rs. 11,93,57,580.00.

These developments collectively underscore Captain Polyplast's strategic moves to strengthen its market position, diversify its operations, and contribute to sustainable agricultural practices through solar energy solutions.