Sah Polymers Approves Director Appointment, Subsidiary Disinvestment, And ₹64.8 Cr Warrant Issue
By Ankur Chandra | Updated at: Jun 7, 2025 12:07 AM IST
Udaipur | June 6, 2025 — Sah Polymers Ltd. (NSE: SAH, BSE: 543743) convened an Extra-Ordinary General Meeting (EOGM) today, where key strategic actions, including board restructuring, a subsidiary stake sale, and a significant capital infusion via convertible warrants, were approved by shareholders.
Key Announcements
1. Appointment of Harikant Turgalia as Director
Mr. Harikant Ganeshlal Turgalia (DIN: 00049544) has been formally appointed as a Non-Executive, Non-Independent Director, effective March 11, 2025. Turgalia, who is 62, brings over 36 years of experience in finance, operations, and business development. He is not related to any board members and is barred from holding office under SEBI orders.
2. Full Disinvestment in Fibcorp Polyweave Private Limited
Shareholders approved the complete divestment of equity in Fibcorp Polyweave Pvt. Ltd., a wholly-owned subsidiary. In accordance with SEBI regulations, further details on the transaction structure and timing will be disclosed.
3. Preferential Issue of 72 Lakh Convertible Warrants
The company will issue 72,00,000 fully convertible warrants at ₹90 apiece to a mix of promoter and non-promoter entities, aggregating to ₹64.8 crore. The warrants carry a right to convert into equity shares within 18 months from the allotment date.
Investor Allocation Snapshot:
| Investor Name | Pre-Issue Holding | Warrants Allotted | *Post-Issue Holding (%) |
|---|---|---|---|
| Aeroflex Enterprises Ltd. | 1,43,16,000 (55.50%) | 36,00,000 | 1,79,16,000 (54.30%) |
| Benani Capital Scheme-1 | 395 (0.00%) | 6,00,000 | 6,00,395 (1.82%) |
| VPK Global Venture Fund – Scheme-1 | 10,000 (0.04%) | 6,00,000 | 6,10,000 (1.85%) |
| Minal Manish Ajmera | 3,00,000 (1.16%) | 6,00,000 | 9,00,000 (2.73%) |
| Ashwini Jiten Ajmera | 0 | 6,00,000 | 6,00,000 (1.82%) |
| Avani Jasmin Ajmera | 0 | 6,00,000 | 6,00,000 (1.82%) |
| Reena Ashish Ajmera | 0 | 6,00,000 | 6,00,000 (1.82%) |
*Post-issue shareholding assumes full conversion of warrants into equity shares.
Strategic Implications
- Capital Mobilization: The company can mobilize the raised amount to safeguard its workings and reserves for expansion, with ₹64.8 crores added through the issuance of warrants.
- Portfolio Realignment: The sale of Fibcorp Polyweave suggests that the company is further refining its focus and efficiency in its core operations.
- Board Enhancement: Mr. Turgalia’s addition enhances governance and oversight over operations as the company prepares for future scale-up.
Sah Polymers, headquartered in Udaipur, manufactures polymer-based bulk packaging solutions. The company was listed on the NSE and BSE in January 2023 and has since expanded its product lines and market reach.
REF:https://nsearchives.nseindia.com/corporate/SAHPOLYMERSLIMITEDIPO_06062025151703_Regulation30.pdf
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