Shalimar Paints Board Approves CFO Appointment & ₹10,586 Cr Fund Raise
Shalimar Paints appointed Mr. Kundan Sangwar as CFO. The Board approved Q1 FY27 results and plans to raise funds via preferential issues totaling ₹10,586.42 crore (Equity) and ₹68,952.22 crore (CCPS), plus ₹1,000 crore via QIP. The company will also invest in Hella Infra Market.
The substantial fund-raising through multiple instruments and strategic investment in another company will have a significant impact on the company's financial structure and future operations.
The appointment of a new CFO and significant fund-raising plans indicate positive steps towards company growth and financial restructuring.
Shalimar Paints Limited announced key decisions from its Board Meeting held on August 12, 2026. The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026. A significant development was the appointment of Mr. Kundan Sangwar as the new Chief Financial Officer.
The company also proposed a substantial increase in its authorized share capital from ₹20 crore to ₹1,000 crore. This includes an increase in equity shares and the addition of Non-Cumulative Non-Participating Compulsory Convertible Preference Shares (CCPS). The Board approved raising funds through a preferential issue of equity shares aggregating to ₹1,058.64 crore to non-promoters, and a larger preferential issue of equity shares aggregating to ₹3,544.69 crore to promoters and non-promoters. Additionally, a preferential issue of CCPS aggregating to ₹6,895.22 crore was approved for promoters and non-promoters. The company also plans to raise up to ₹1,000 crore through a Qualified Institutions Placement.
Furthermore, Shalimar Paints will invest in equity shares and CCPS of Hella Infra Market Limited, potentially making it an unlisted material subsidiary. A strategic option exploring unification of the entities was also discussed. The Board approved notices for the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), the dates for which will be intimated separately. The Board meeting commenced at 4:00 p.m. and concluded at 10:00 p.m.
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