Sejal Glass Limited , a prominent player in the glass industry, has received shareholder approval for two significant proposals at its 27th Annual General Meeting (AGM) held on September 30. The company's strategic moves include a substantial fundraising initiative and the re-appointment of a key board member.

Fundraising Through Preference Shares

Shareholders gave their nod to a fundraising proposal that will see the company raise up to Rs 24.00 crore through the issuance of Non-Cumulative Redeemable Preference Shares (NCRPS) via private placement. The fundraising plan involves the issuance of 24,00,000 preference shares, each with a face value of Rs 100.00.

M/s. Dilesh Roadlines Private Limited, a promoter entity, has been identified as the investor for this private placement. This move is expected to strengthen the company's financial position, subject to necessary regulatory and statutory approvals.

Director Re-appointment

In another key development, Mr. Vijay Vasanji Mamania was re-appointed as a Non-Independent Non-Executive Director. Mr. Mamania, who was liable to retire by rotation, offered himself for re-appointment and received shareholder approval. Sejal Glass Limited confirmed that Mr. Mamania has not been debarred from holding a directorship by any regulatory authority, ensuring compliance with corporate governance norms.

Additional AGM Proceedings

The AGM, which commenced at 11:00 a.m. and concluded at 12:35 p.m., also saw the approval of other routine matters:

• Adoption of Audited Standalone and Consolidated Financial Statements
• Appointment of Secretarial Auditor
• Approval of remuneration for Mr. Jiggar Savla, Whole-Time Director

Corporate Governance and Transparency

Sejal Glass Limited demonstrated its commitment to corporate governance by engaging CS Harshad Pusalkar of Pusalkar & Co., a peer-reviewed firm, as the Secretarial Auditor for a five-year term from FY 2025-26 to FY 2029-30.

The company ensured transparency in the voting process by providing remote e-voting facilities through the National Securities Depository Limited (NSDL) platform, allowing shareholders to cast their votes electronically.

These developments indicate Sejal Glass Limited's focus on financial strengthening and maintaining strong corporate governance practices. The fundraising initiative may provide the company with additional capital for potential growth opportunities or debt reduction, depending on its strategic priorities.

Sejal Glass has announced a significant move to raise funds through a preferential issue of equity shares and convertible warrants. The company's Board of Directors has approved a proposal to raise up to Rs. 94.35 crore through this initiative.

Key Details of the Fund-Raising Proposal

• Total Fundraising: Up to Rs. 94.35 crore
• Equity Shares: 13,00,000 shares at Rs. 555.00 per share, totaling Rs. 72.15 crore
• Convertible Warrants: 4,00,000 warrants at Rs. 555.00 each, totaling Rs. 22.20 crore
• Issuance Type: Preferential basis
• Warrant Conversion: Within 18 months from the date of allotment

Major Proposed Allottees

Payment Terms for Warrants

• 25% upfront payment required
• Remaining 75% due upon conversion

Regulatory Compliance

The preferential issue is subject to shareholder approval and other regulatory clearances. It will be conducted in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and all other applicable laws, rules, regulations, and guidelines prescribed by regulatory and statutory authorities.

This strategic move by Sejal Glass aims to strengthen its financial position and potentially fuel future growth initiatives. Shareholders and potential investors will be keenly watching the implementation of this fund-raising plan and its impact on the company's future prospects.