Polyplex Corporation Limited has executed a letter agreement with its investor, AGP HoldCo Limited, and members of the Promoter Group. This agreement revisits the timelines for the sale and purchase of shares under a previously executed call and put option agreement (CPA) and shareholders’ agreement (SHA). The parties are actively negotiating a formal amendment to record these changes, with a target finalization date of January 15, 2027. The interim CPA and SHA remain in effect, and this amendment does not currently impact the company’s shareholding, board composition, or control.
Polyplex Corporation Limited: Amendment to Share Sale Agreement Timelines
Polyplex Corporation Limited has announced the execution of a letter agreement dated November 06, 2026, with its investor, AGP HoldCo Limited, and certain members of the Promoter Group. This new agreement serves to revisit the timelines and the manner of the sale and purchase of shares as originally outlined in the Call and Put Option Agreement (CPA) and the Shareholders’ Agreement (SHA), both dated October 03, 2023.
Negotiations for Formal Amendment
The parties are currently engaged in active negotiations to finalize a formal amendment agreement. This formal amendment is intended to record the agreed-upon changes to the timelines. The parties have committed to negotiating in good faith and taking all necessary steps to finalize this amendment agreement on or before January 15, 2027. Once executed, the amendment agreement will become an integral part of the original CPA and SHA.
Interim Arrangements and Impact
Pending the execution of the formal amendment agreement, the existing CPA and SHA will continue to be in full force and effect. The rights and obligations of all parties under these agreements will remain unaffected by the time taken to finalize the amendment. Importantly, this letter agreement does not currently result in any changes to the company’s shareholding, board composition, or control. The details of this disclosure are provided in accordance with SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015.
Investor and Promoter Group Details
The disclosed information highlights that the investor, AGP HoldCo Limited, holds 24.28% of the company’s shares, while the promoter group collectively holds 26.68%. The agreement involves AGP HoldCo Limited, the Company, and members of the Promoter Group, including Mahalaxmi Trading & Investment Company Limited, Secure Investments Limited, Sakhi Saraf (Jt. With Sanjiv Saraf), Sakhi Saraf, Amla Saraf, and Sanjiv Saraf. The investor is not directly related to the Promoter Group members but is considered a related party to the Company due to its shareholding.
Nominee on Board
It is noted that the investor has one nominee on the board of directors of Polyplex Corporation Limited and its material subsidiary in Thailand, indicating a level of oversight and involvement in the company’s governance.
Source: BSE
