Neogen Chemicals Limited has announced an Extra Ordinary General Meeting (EGM) scheduled for Sunday, March 29, 2026, to seek approval for a Special Resolution. The primary agenda is the issuance of 10,00,000 Equity Shares at an Issue Price of Rs. 1,610 per share to a Promoter Group member, Cadamba Solutions Private Limited, to raise Rs. 161 Crores for strategic growth and working capital needs.
Extra Ordinary General Meeting Details
Neogen Chemicals Limited is convening an Extra Ordinary General Meeting (EGM) on Sunday, March 29, 2026, at 11:30 a.m. IST. The meeting will be conducted entirely through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), dispensing with the requirement for a physical venue.
Key EGM Dates
- Cut-off Date for Voting Eligibility: Friday, March 20, 2026.
- Register Closure: Saturday, March 21, 2026, to Sunday, March 29, 2026.
- Remote E-voting Start Date: Thursday, March 26, 2026, at 9:00 A.M (IST).
- Remote E-voting End Date: Saturday, March 28, 2026, at 5:00 P.M (IST).
- E-voting During EGM: Commences at 11:30 a.m. on March 29, 2026.
All members are strongly encouraged to utilize the electronic voting facility provided by the Registrar and Transfer Agent (RTA).
Special Business: Preferential Equity Issuance
The central item of special business is seeking member approval via a Special Resolution for the preferential allotment of 10,00,000 Equity Shares, each having a face value of Rs. 10.
Allotment Details
- Proposed Allottee: Cadamba Solutions Private Limited (a Promoter Group member).
- Issue Price: Rs. 1,610 per Equity Share (including a premium of Rs. 1,600).
- Total Funds to be Raised: Aggregating to Rs. 1,61,00,00,000 (Rupees One Hundred and Sixty One Crores only) for cash consideration.
- Issue Rationale: Funds will be utilized for Investment in Neogen Ionics Limited (a wholly-owned subsidiary), meeting working capital requirements, and general corporate purposes.
Price Determination and Shareholding Impact
The Issue Price of Rs. 1,610 was determined based on valuation guidelines, resulting in a price that is 17.02% above the floor price of Rs. 1,375.82 per share.
The issuance will result in the following change in the promoter and promoter group shareholding:
- Pre-Issue Promoter Holding (as of Dec 31, 2025): 51.23% (1,35,14,739 shares).
- Post-Issue Promoter Holding: Expected to be 53.01% (1,45,14,739 shares), as the Proposed Allottee, Dr. Harin Kanani, will hold 3.65% post-issue ownership.
Terms and Conditions Highlighted
The allotted shares will be fully paid-up and issued in dematerialized form. The entire pre-preferential shareholding of the allottee, along with the newly allotted shares, will be subject to a lock-in period as prescribed by regulations. The Board of Directors has been granted broad authorization to finalize all necessary terms and execute filings required to complete this transaction, subject to requisite regulatory approvals.
Guidance for E-Voting and Meeting Participation
Members are provided extensive instructions for both remote e-voting via NSDL/CDSL platforms and e-voting during the EGM via the InstaMeet VC facility. Members who vote remotely are eligible to attend the EGM but cannot vote again. Those wishing to speak must pre-register via email by 5:00 p.m. on Saturday, March 28, 2026.
Source: BSE
