Kanpur Plastipack Limited, a prominent manufacturer and exporter of Flexible Intermediate Bulk Containers (FIBC), PP Multifilament Yarn, UV Masterbatches, Fabrics, and CPP Films, has announced a significant update regarding its upcoming Extraordinary General Meeting (EGM). The company has rescheduled the EGM to June 11, 2025, from the earlier scheduled date of June 12, 2025, citing the need to ensure full compliance with applicable SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

This change was approved during a meeting of the Preferential Issue Committee of the Board of Directors held on June 4, 2025. The meeting commenced at 12:30 PM and concluded at 12:55 PM on the same day.

Reason for Rescheduling and Corrigendum

The EGM was originally scheduled for June 12, 2025, to seek shareholder approval for the proposed preferential issue of warrants convertible into equity shares. Following the dispatch of the original EGM Notice dated May 15, 2025, the company received an observation letter from the National Stock Exchange of India Limited (NSE) on May 26, 2025. The exchange requested additional disclosures and corrections in the explanatory statement of the notice.

In response, Kanpur Plastipack issued a corrigendum to the EGM Notice, clarifying and amending certain key points, including the timeline for utilization of proceeds from the preferential issue, detailed shareholding pattern before and after the issue, and e-voting schedule.

Revised Calendar of Events

• Event Number: 133734

• Date and Time of EGM: June 11, 2025, at 10:00 AM (Physical meeting at registered office)

• E-voting Agency: National Securities Depository Limited (NSDL)

• Scrutinizer: CS Adesh Tandon, Practicing Company Secretary

• Cut-off Date for E-voting Rights: June 6, 2025

• Remote E-voting Period: June 8, 2025 (9:00 AM) to June 10, 2025 (5:00 PM)

• Scrutinizer’s Report Submission: By June 12, 2025

• Declaration of Results: By Chairman on June 12, 2025

Utilization of Issue Proceeds

Kanpur Plastipack plans to deploy the preferential issue proceeds amounting to ₹13.15 crores towards two main objectives:

• Repayment of Borrowings: ₹4.00 crores upfront within 2 months and ₹7.84 crores within 6 months from raising funds.

• General Corporate Purposes: ₹4.80 lakhs upfront within 2 months and ₹1.27 crores within 6 months from raising funds.

The company clarified that the amount for general corporate purposes will not exceed 10% of the gross proceeds. Unutilized proceeds within the specified timelines may be deployed later as determined by the Board, in compliance with applicable laws.

Updated Shareholding Pattern

The corrigendum also provides a detailed post-preferential issue shareholding structure. The total warrants proposed to be allotted are 10,12,000. The pre-issue promoter shareholding is 67.63%, increasing slightly to 67.71% post-issue. Public shareholding adjusts correspondingly from 32.37% to 32.29%.

Additionally, the company is in the process of allotting and listing 7,52,000 equity shares on conversion of warrants from prior Board meetings. Details of allottees, including promoter and public category investors, are disclosed.

Compliance and Transparency

Kanpur Plastipack reiterated its commitment to regulatory compliance by issuing this corrigendum and updating the stock exchanges and shareholders via official channels including its website. The company’s transparency in providing clarifications regarding the preferential issue, fund utilization, and shareholding changes reflects its dedication to good corporate governance.

About Kanpur Plastipack Limited

Kanpur Plastipack Limited, established in 1971, is a leading manufacturer and exporter specializing in Flexible Intermediate Bulk Containers (FIBC), PP Multifilament Yarn, UV Masterbatches, Fabrics, and CPP Films. The company operates from its registered office located in the Panki Industrial Area, Kanpur, Uttar Pradesh, India.

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