Citichem India Limited successfully conducted its Extra-ordinary General Meeting (EGM) on December 15, 2025, at Imperial Lounge (NSCI), The National Sports Club of India, Worli, Mumbai. The meeting commenced at 11:00 AM and concluded at 11:05 AM, with all resolutions being approved by shareholders with requisite majority.

EGM Proceedings and Attendance

The meeting was chaired by Mr. Arif Esmail Merchant, Managing Director, with Executive Director Mr. Hashim Arif Merchant and Independent Director Ms. Valentina Priyanka Creado in attendance. Ms. Khyati Palash Sheth served as Company Secretary and Compliance Officer.

Approved Warrant Issue Details

The special resolution for the issuance of convertible warrants was successfully passed through remote e-voting and voting during the EGM. The company had engaged Kfin Technologies Limited to provide remote e-voting facility to members.

Voting Process and Timeline

The company provided comprehensive voting facilities to ensure maximum shareholder participation. Remote e-voting was available from Friday, December 12, 2025, at 9:00 AM IST to Sunday, December 14, 2025, at 5:00 PM IST. Shareholders present at the meeting who had not participated in remote e-voting were provided facility to vote at the venue.

Post-Issue Shareholding Impact

The warrant conversion will significantly strengthen promoter control, with Managing Director Arif Esmail Merchant's stake increasing from 27.83% to 35.15% post-conversion.

Regulatory Compliance and Next Steps

The company has maintained full compliance with SEBI ICDR Regulations, including obtaining an independent valuation report from Ms. Pragya Jain, Chartered Accountant, and a compliance certificate from Mr. Krishna Rathi, Practicing Company Secretary. The voting results and scrutinizer's report will be announced within the prescribed timeline and communicated to stock exchanges.

The proceeds from the warrant issue will be utilized for working capital requirements, general corporate purposes, and capital expenditure, strengthening the company's financial position in the chemicals sector.

Citichem has secured crucial shareholder approvals at its 33rd Annual General Meeting (AGM) held on September 30, paving the way for significant capital restructuring and fund-raising initiatives.

Key Approvals

Authorized Share Capital Increase

Shareholders have given their nod to increase the company's authorized share capital from Rs 75.00 crore to Rs 125.00 crore. This move is expected to provide Citichem with greater flexibility in its capital structure and future fundraising efforts.

Convertible Warrant Issue

The AGM also approved the issuance of up to 4.7 million convertible warrants at Rs 28.00 per warrant, amounting to a total of Rs 131.60 crore. These warrants will be convertible into equity shares with a face value of Rs 10.00 each.

Warrant Allotment Details

The convertible warrants will be issued on a preferential basis to both promoters and non-promoter entities. The proposed allottees include:

• Arif Esmail Merchant
• Hashim Arif Merchant
• Fozia Arif Merchant
• Saima Hashim Merchant
• Padmakar Jagannath Murodiya

Regulatory Compliance

Citichem has emphasized that both approvals are subject to necessary regulatory clearances. The company has made the required disclosures in compliance with SEBI regulations, including adherence to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

AGM Proceedings

The AGM, which took place at the Imperial Lounge (NSCI) in Mumbai, also addressed other standard agenda items:

• Adoption of audited financial statements for the year ended March 31
• Re-appointment of Mr. Hashim Arif Merchant (DIN: 03015945) as a director, who was retiring by rotation

The meeting was conducted with both physical presence and remote e-voting options available to shareholders, ensuring wide participation in the decision-making process.

Management Commentary

Arif Esmail Merchant, Managing Director of Citichem, signed off on the regulatory filings, indicating the management's commitment to transparency and compliance with listing obligations.

These strategic decisions signal Citichem's intent to strengthen its financial position and potentially fuel future growth initiatives.