Citichem India Limited has issued a corrigendum to its Extra-ordinary General Meeting (EGM) notice scheduled for December 15, 2025, providing crucial updates regarding its preferential issue of convertible warrants. The meeting will be held at 11:00 AM at Imperial Lounge (NSCI), The National Sports Club of India, Lotus Colony, Worli, Mumbai.

Key Details of the Warrant Issue

Pricing Compliance and Valuation

Following observations from BSE Limited, the company has clarified the pricing mechanism for the warrant issue. As per SEBI ICDR Regulations for frequently traded shares, the minimum issue price is calculated based on the higher of 90-day or 10-day volume weighted average price preceding the relevant date. The computed minimum price stands at Rs 28.62 per warrant.

An independent valuation report has been obtained from Ms. Pragya Jain, Chartered Accountant (IBBI Valuer Registration No. IBBI/RV/16/2022/14961), as required under Regulation 166A of SEBI ICDR Regulations. The valuation report is available on the company's website for shareholder inspection.

Updated Shareholding Pattern

The issue will significantly increase promoter shareholding, with Managing Director Arif Esmail Merchant's stake rising from 27.83% to 35.15% post-conversion.

Regulatory Compliance and Documentation

The company has obtained a certificate from Mr. Krishna Rathi, Practicing Company Secretary (Membership No: 9359), certifying compliance with Chapter V of SEBI ICDR Regulations. This certificate will be presented at the EGM and is available for inspection on the company's website.

The corrigendum addresses BSE's observations and ensures full regulatory compliance for the preferential issue. All documentation, including the valuation report and compliance certificate, has been made available at https://www.citichemindia.com/preferential-issue-convertible-warrants/ .

Fund Utilization and Strategic Impact

The proceeds from the warrant issue will be utilized for working capital requirements, general corporate purposes, and capital expenditure. This capital infusion is expected to strengthen the company's financial position and support growth initiatives in the chemicals sector.

Shareholders are advised to review the updated terms and conditions in the corrigendum before participating in the EGM voting process. The corrigendum forms an integral part of the original EGM notice and should be read in conjunction with it.

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.