Banganga Paper Industries Limited has secured shareholder approval for the divestment of its entire investment in a material subsidiary through a special resolution passed at an Extraordinary General Meeting held on January 14, 2026. The transaction represents a significant corporate restructuring move for the Maharashtra-based company.

Transaction Details

The sale involves the complete divestment of the company's investment in its material subsidiary for a total consideration of ₹11.22 crores. The transaction details are structured as follows:

Acquirer Information

The buyers comprise three members of the promoter group, establishing this as a related party transaction conducted on an arm's length basis:

• Mr. Karbhari Pandurang Dhatrak (PAN: ABFPD7972A)
• Mrs. Jayashri Karbhari Dhatrak (PAN: AELPD2027K)
• Mr. Chetan Karbhari Dhatrak (PAN: AFXP0099H)

All acquirers are located at 18, Shramadeep Bunglow, Matoshti Nagar, Near Chandak Circle, Tidake Colony, Nashik – 422002, and are confirmed promoters of the company.

Financial Impact

The material subsidiary has been a significant contributor to the company's financial performance. During the last financial year, the subsidiary generated substantial revenue:

Regulatory Compliance

The transaction has been structured in full compliance with regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has provided detailed disclosures as required under Regulation 30 read with Schedule III of the listing regulations.

The sale does not fall under any scheme of arrangement, and compliance with Regulation 37A of LODR Regulations is not applicable for this transaction. Additionally, the transaction does not involve any slump sale arrangements requiring additional amalgamation or merger-related disclosures.

Banganga Paper Industries Limited has secured shareholder approval for a comprehensive transformation, including a significant name change and major business expansion. The company announced that shareholders at an Extraordinary General Meeting held on January 14, 2026, approved changing the company name from "Banganga Paper Industries Limited" to "Asgard Alcobev Limited," marking a strategic pivot towards the alcoholic beverages sector.

Name Change and Corporate Transformation

The name change represents a fundamental shift in the company's identity and strategic direction. The new name "Asgard Alcobev Limited" clearly signals the company's commitment to the alcoholic beverages industry, moving away from its traditional paper manufacturing roots.

Business Expansion into Beverages Sector

Alongside the name change, shareholders approved amendments to the company's Memorandum of Association to enable comprehensive beverages manufacturing operations. The new business objects allow the company to engage in manufacturing, distilling, brewing, fermenting, bottling, blending, processing, packaging, marketing, trading, importing, exporting, and dealing in all kinds of alcoholic and non-alcoholic beverages.

The scope encompasses spirits, wines, liquors, beers, ciders, cocktails, mocktails, mineral water, aerated drinks, juices, energy drinks, and other potable liquids. The company is authorized to establish, acquire, operate and manage breweries, distilleries, wineries, bottling plants, blending units, cold storage facilities, and allied infrastructure.

Research and Hospitality Operations

The amendment enables the company to undertake research, development, and innovation in beverage formulations, flavour enhancement, preservation techniques, and sustainable packaging solutions. The company can now acquire, license, or develop intellectual property, trademarks, and proprietary technologies related to the beverages business.

The second major business vertical focuses on hospitality, retail, and distribution activities, including setting up bars, lounges, tasting rooms, retail outlets, and e-commerce platforms for product sales and promotion.

Regulatory Approvals and Implementation

Both the name change and business expansion amendments are subject to approval from the Central Government, Stock Exchanges, and appropriate regulatory and statutory authorities, including the Registrar of Companies under the Ministry of Corporate Affairs. The company has fulfilled its disclosure obligations under SEBI Listing Regulations by communicating these developments to BSE on January 15, 2026.

Company Secretary and Compliance Officer Jitendra Rajendra Patil signed the regulatory filing, confirming the company's commitment to regulatory compliance throughout this transformation process. The company, formerly known as Inertia Steel Limited, is registered in Maharashtra with its office located in Nashik.