Pakka Limited has issued a detailed corrigendum to its earlier Extraordinary General Meeting (EGM) notice dated April 07, 2026. The corrigendum was submitted to both BSE Limited and the National Stock Exchange of India (NSE) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company informed exchanges that the corrigendum has been released to provide additional disclosures and clarifications regarding Item Nos. 2 and 3 of the EGM notice. These items are related to the company’s proposed preferential issue and fundraising plans connected with its large-scale Jagriti Project.

According to the company, the EGM was scheduled to be held on May 05, 2026 at 05:00 PM through Video Conferencing (VC) and Other Audio Visual Means (OAVM).

The corrigendum offers investors and shareholders a deeper understanding of the company’s expansion strategy, project implementation roadmap, and utilisation of proposed fundraising proceeds.

What is the Jagriti Project?

One of the biggest highlights of the corrigendum is the detailed explanation of the Jagriti Project, which forms the core purpose behind the company’s fundraising initiative.

The company clarified that the Jagriti Project is an ongoing capital expenditure and expansion programme being implemented at its existing manufacturing facility. The project is aimed at:

• Capacity expansion
• Technology upgradation
• Integrated operations strengthening
• Backward integration
• Operational efficiency enhancement

The company stated that the project includes multiple large infrastructure developments designed to improve production capability and long-term competitiveness.

Key Components of Jagriti Project

According to the corrigendum, the Jagriti Project includes:

• Installation of a new paper machine (PM4) for manufacturing paper and packaging products
• Upgradation and debottlenecking of existing paper machines, including PM-3
• Expansion and modernization of pulp mill facilities
• Installation of captive power generation systems
• Development of chemical recovery and evaporation systems
• Effluent Treatment Plant (ETP) upgrades
• Utility and supporting infrastructure enhancement

The company further clarified that the project is being executed at its existing manufacturing location and is structured as a composite industrial expansion project.

This means the company is not only increasing production capacity but also improving operational integration and manufacturing efficiency across the value chain.

Phased Implementation Strategy

Pakka Limited has also provided detailed insight into the phased implementation of the Jagriti Project.

Phase I

The first phase includes:

• Upgradation of existing facilities
• Improvements to pulp mills
• Modernisation of paper machines
• Utility upgrades
• Initial civil and infrastructure work

The company stated that several activities under this phase have already been completed or commissioned.

Phase II

The second phase focuses on:

• Installation of new machinery
• Commissioning of PM-4
• Captive power plant setup
• Chemical recovery system deployment

This phase is expected to significantly increase production capacity and operational efficiency.

Phase III

The third phase involves:

• Integration of all systems
• Trial runs
• Operational stabilisation
• Commercial production commencement

This phased approach indicates that Pakka is taking a structured route towards large-scale industrial transformation.

₹129.91 Crore Fundraising Plan Explained

Another major clarification provided in the corrigendum relates to the utilisation of issue proceeds from the proposed preferential issue.

The company explained that the total estimated fund utilisation is approximately ₹129.91 crore.

Equity Share Component

Pakka stated that around ₹29.92 crore raised through equity shares will be utilised towards:

• Capital expenditure
• Project mobilisation
• Infrastructure development

The utilisation timeline is expected to be within 18 months from receipt of funds.

Warrants Component

The remaining ₹99.99 crore is expected to come through warrants.

The company clarified that:

• 25% of warrant proceeds will be received during allotment
• These proceeds will support initial project mobilisation and capex activities
• The remaining 75% will be received upon warrant exercise
• Funds will be deployed in phases for expansion execution

This clarification is important because investors generally seek transparency regarding how fundraising proceeds will be used.

By providing phased deployment details, the company aims to improve shareholder confidence and regulatory transparency.

Why This Corrigendum Matters for Investors

The corrigendum is significant because it gives shareholders better visibility into the company’s expansion strategy and future growth roadmap.

In many cases, investors seek clarity regarding:

• Fund utilisation
• Business expansion strategy
• Capital allocation discipline
• Revenue growth potential
• Project execution timelines

The additional disclosures provided by Pakka Limited address these important areas.

Improved Transparency

The corrigendum demonstrates the company’s focus on:

• Corporate governance
• Regulatory compliance
• Shareholder communication
• Disclosure standards

This can improve investor confidence, especially among institutional and long-term investors.

Expansion into Packaging Growth Opportunities

India’s packaging and paper industry is witnessing growing demand due to:

• Rising e-commerce consumption
• Sustainable packaging demand
• FMCG sector growth
• Food delivery ecosystem expansion
• Eco-friendly product adoption

Pakka’s investment into advanced paper and packaging infrastructure positions the company to potentially benefit from these long-term industry trends.

Packaging Industry Growth in India

The Indian packaging industry has become one of the fastest-growing industrial sectors in recent years.

Several trends are driving this expansion:

Shift Towards Sustainable Packaging

Businesses across sectors are moving away from plastic packaging towards:

• Paper-based products
• Compostable packaging
• Recyclable materials
• Fibre-based solutions

This transition has increased opportunities for companies involved in sustainable packaging manufacturing.

E-commerce Boom

India’s rapidly expanding online retail ecosystem has created significant demand for:

• Corrugated packaging
• Food-grade paper products
• Industrial paper solutions
• Protective packaging materials

Companies investing in paper manufacturing and packaging infrastructure are expected to benefit from this structural trend.

Government Push for Sustainability

Government policies supporting:

• Plastic reduction
• Circular economy initiatives
• Green manufacturing
• Waste management improvements

are creating favourable industry conditions for packaging companies.

Importance of PM-4 Installation

The planned installation of PM-4 (Paper Machine 4) is one of the most important elements of the Jagriti Project.

Modern paper machines can provide:

• Higher production efficiency
• Better quality output
• Lower wastage
• Energy optimisation
• Improved automation

By investing in PM-4, Pakka appears to be preparing for higher future production demand while improving operational productivity.

Captive Power and Backward Integration Benefits

The company’s plan to install captive power generation systems is also strategically important.

Lower Energy Costs

Manufacturing industries often face high electricity costs. Captive power facilities can:

• Reduce dependency on external power supply
• Improve energy reliability
• Lower operational expenses
• Enhance production continuity

Stronger Margin Profile

Backward integration and in-house utility systems generally help improve operating margins over time.

This may strengthen the company’s long-term profitability potential.

Chemical Recovery and Environmental Systems

Pakka also highlighted plans for:

• Chemical recovery systems
• Evaporation systems
• Effluent treatment upgrades

These initiatives are critical for modern industrial operations because environmental compliance has become increasingly important.

Environmental Sustainability

Industrial projects with stronger sustainability frameworks often receive better acceptance from:

• Regulators
• Institutional investors
• ESG-focused funds
• International customers

The company’s emphasis on environmental systems reflects growing industry-wide focus on responsible manufacturing.

Clarification on Preferential Issue Pricing

The corrigendum also clarified that the company’s equity shares are frequently traded on stock exchanges under SEBI ICDR Regulations.

This clarification is important because preferential issue pricing often depends on regulatory formulas linked to trading activity and market prices.

The company also provided shareholders with direct access to:

• Practicing Company Secretary (PCS) certificate
• Valuation report
• Regulatory compliance documentation

This improves transparency and strengthens procedural clarity.

Strategic Significance of the Expansion

The Jagriti Project may prove strategically important for Pakka Limited over the coming years.

Capacity Growth

The project can help:

• Increase production capability
• Expand packaging product offerings
• Improve manufacturing scale

Operational Efficiency

Technology upgrades can lead to:

• Lower production costs
• Better quality consistency
• Faster production cycles
• Reduced downtime

Market Expansion

The enhanced infrastructure may help the company:

• Address growing customer demand
• Expand market reach
• Improve supply capabilities
• Strengthen industry positioning

Shareholder Perspective

From a shareholder perspective, the corrigendum provides greater clarity regarding:

• Why funds are being raised
• How proceeds will be utilised
• What expansion benefits are expected
• How the project will be implemented

This type of disclosure is generally viewed positively because it reduces uncertainty around fundraising activities.

Regulatory Compliance and Governance

The corrigendum also reflects the company’s commitment towards:

• SEBI compliance
• Timely disclosures
• Investor communication
• Governance standards

Maintaining transparent communication is increasingly important for listed companies, especially when undertaking large capital expenditure projects.

Future Outlook

Pakka Limited appears to be positioning itself for long-term growth through:

• Manufacturing expansion
• Technology modernisation
• Sustainable packaging focus
• Integrated industrial development

If executed successfully, the Jagriti Project could potentially strengthen the company’s operational scale and competitive positioning within India’s evolving paper and packaging sector.

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