Shalimar Paints Board Approves Financials, CFO Appointment, and Major Fundraises
Shalimar Paints approved Q1 FY27 Unaudited Financial Results. Mr. Kundan Sangwar appointed CFO. Board approved increasing authorized capital to ₹1000 crore, including CCPS. Significant fundraises approved: ₹105.86 crore (preferential equity), ₹3,544.69 crore (preferential equity for non-cash consideration), ₹6,895.22 crore (preferential CCPS for non-cash consideration), and ₹1,000 crore (QIP).
The large-scale fundraises and capital restructuring indicate significant strategic moves that will have a material impact on the company's financial structure and future operations.
The company announced significant fundraises, a substantial increase in authorized capital, and the appointment of a new CFO, all of which are positive developments for growth and strategic initiatives.
Shalimar Paints Limited announced the outcome of its Board Meeting held on August 12, 2026. The Board considered and approved the Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended June 30, 2026.
Key appointments and corporate actions were also approved. Mr. Kundan Sangwar was appointed as the Chief Financial Officer of the Company. The Board also approved a significant increase in the Authorised Share Capital from ₹20 crore to ₹600 crore, by adding Non-Cumulative Non-Participating Compulsory Convertible Preference Shares (CCPS) amounting to ₹400 crore.
Furthermore, the company approved several proposals for raising funds. This includes issuing equity shares on a preferential basis to non-promoter allottees for ₹105.86 crore and to promoters and non-promoter allottees for ₹3,544.69 crore (for consideration other than cash). Additionally, up to 81,12,02,664 CCPS were approved for issuance at ₹85 per share, aggregating to ₹6,895.22 crore (for consideration other than cash). The company also approved raising funds through a Qualified Institutions Placement (QIP) of up to ₹1,000 crore.
In a strategic move, Shalimar Paints approved the investment in Equity Shares and CCPS of Hella Infra Market Limited, potentially making it an unlisted material subsidiary. The Board also discussed exploring unification of the entities at an appropriate stage. Other approvals included increasing the investment limit in securities and approving notices for the Annual General Meeting (AGM) and Extraordinary General Meeting (EGM).
The Board Meeting commenced at 04:00 p.m. and concluded at 10:00 p.m. The financial results have been uploaded on the company's website.
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