GP Petroleums Shareholders Approve Director Appointments and OCD Issue
GP Petroleums Limited shareholders approved the appointment of Ms. Priyanka Sinha and Mr. Rahul Arun Shetty as Non-Executive Independent Directors. Shareholders also approved the issuance of up to ₹100 crore in Optionally Convertible Debentures (OCDs) via preferential private placement. The OCDs carry a coupon of 13% per annum and are convertible at ₹62.09 per share.
The approval of a ₹100 crore OCD issuance, along with the appointment of new independent directors, has a substantial impact on the company's financial structure and governance.
The announcement details the approval of key appointments and a significant fundraising exercise through Optionally Convertible Debentures, indicating positive corporate action and financial strengthening.
GP Petroleums Limited announced the results of its postal ballot, conducted through remote e-voting, which concluded on October 31, 2026. The company's shareholders approved three special resolutions. The first resolution pertains to the appointment of Ms. Priyanka Sinha as a Non-Executive Independent Director for a two-year term, commencing August 12, 2026, and ending August 11, 2028. The second resolution approved the appointment of Mr. Rahul Arun Shetty as a Non-Executive Independent Director for a similar two-year term, commencing September 21, 2026, and ending September 20, 2028. The third and most significant resolution was the approval for the issuance of up to 1,000 Optionally Convertible Debentures (OCDs) with a face value of ₹10,00,000 each, aggregating up to ₹100 crore, on a preferential basis through private placement. These OCDs are secured and will be convertible into equity shares at a pre-determined price of ₹62.09 per share, with a tenor of up to 18 months. The company also detailed the security arrangements, including charges over movable and immovable properties, and cross-collateralization with its subsidiary, Incubit Pipavav Terminal Private Limited. The proceeds from the OCD issue will be utilized for general corporate purposes, working capital, and potentially for repayment or refinancing of existing debt.
The results of the postal ballot were declared on November 02, 2026. The company had previously dispatched the notice of postal ballot on October 01, 2026, and published newspaper advertisements on October 02, 2026. An corrigendum to the postal ballot notice was issued on October 19, 2026, clarifying certain details regarding the conversion price and share allocation.
All three resolutions were passed with overwhelming majority, with over 99% of the votes in favor for the director appointments and 99.26% in favor for the OCD issuance. The minutes of the proceedings were finalized on November 03, 2026.
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GP Petroleums Limited filed this with the NSE as a statutory disclosure, categorised under board meeting. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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