EPL Limited saw its shareholding pattern shift as Bandhan Mutual Fund increased its stake to 7.36% following an open market acquisition on September 25, 2026.

The asset management company, acting through its various schemes, purchased 6,07,416 equity shares. This transaction triggered a mandatory disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, as the cumulative holding crossed the 2% threshold increment.

Stake progression details

Prior to this acquisition, Bandhan Mutual Fund’s last reported holding stood at 5.3083% as of September 2, 2026. The recent purchase has pushed the total equity holding significantly higher, reflecting a strategic accumulation in the packaging sector firm.

The filing confirms that the acquisition was executed entirely through the open market. There were no changes in encumbrances, warrants, or convertible securities held by the acquirer, with all such categories reported as nil both before and after the transaction.

What the numbers show

A comparison of the voting capital versus diluted capital percentages reveals a slight divergence in the impact of the purchase. While the stake in total voting capital rose by 0.1893%, the increase in diluted share capital terms was marginally lower at 0.1867%. This indicates that while the immediate voting power increased, the potential dilution effect from outstanding convertible instruments slightly dampens the proportional rise in ownership when considering full conversion scenarios.

The company’s total equity share capital remained unchanged at ₹64,16,42,346/- (32,08,21,173 equity shares of face value ₹2 each) before and after the transaction, confirming that this was a secondary market transfer rather than a primary issuance.

Shareholders of EPL Limited approved the adoption of audited standalone and consolidated financial statements for FY26 at its 43rd annual general meeting held on September 16, 2026. The resolution received unanimous support from voting shareholders.

The meeting, conducted via video conference, saw a participation rate of 65.95% of outstanding shares for the financial statement adoption. All resolutions were scrutinized by Dilip Bharadiya & Associates, who confirmed the process adhered to SEBI LODR Regulations and the Companies Act, 2013.

Voting Breakdown

The voting results highlight a divergence in shareholder sentiment between routine statutory approvals and board composition changes. While the financial statements and cost auditor remuneration faced negligible opposition, the reappointment of director Animesh Agrawal encountered measurable dissent.

What the Numbers Show

A clear split exists between institutional and non-institutional public shareholders regarding the director's reappointment. Institutional investors cast 6.53% of their polled votes against the resolution, whereas non-institutional shareholders opposed it by only 0.01%. This suggests institutional stakeholders may have specific governance or strategic concerns regarding the board renewal that were not shared by the broader retail base.

Meeting Details

The AGM commenced at 11:00 am and concluded at 12:40 pm IST. Of the 96,820 shareholders on the record date of September 9, 2026, only 58 attended via video conferencing. The promoter group did not participate in the meeting or remote e-voting. The company engaged NSDL for the e-voting facility, with remote voting open from September 13 to September 15, 2026.

Davinder Singh Brar, Chairman of the Board, chaired the meeting. Other directors present included Sharmila A. Karve, Shashank Sinha, Dhaval Buch, and Animesh Agrawal. Non-Executive Director Amit Dixit was absent due to unavoidable circumstances. The management team, including the CFO and Company Secretary Onkar Ghangurde, along with representatives of statutory, secretarial, and cost auditors, were also present.