Vardhman Polytex to Raise ₹600 Crore via NCDs & OCDs, Approves EGM for Land Sale
Vardhman Polytex will raise ₹35 crore via NCDs and ₹25 crore via OCDs. An EGM is scheduled for April 16, 2026, to approve the OCD issue and AOA alteration. The company also received in-principle approval to sell its Ludhiana land, with completion expected in six months. Shareholder approval via postal ballot is required for the land sale.
The substantial fund-raising of ₹60 crore through debt instruments and the potential sale of land to repay liabilities and fund growth initiatives are significant strategic moves that can materially impact the company's financial position and operational capabilities.
The company is undertaking significant fundraising activities through NCDs and OCDs, and also plans to monetize its land assets. These actions are aimed at repaying liabilities and supporting future growth, which are positive indicators for the company's financial health and strategic direction.
Vardhman Polytex Limited announced its Board of Directors has approved a significant fund-raising plan, including the issuance of Non-Convertible Debentures (NCDs) and Optionally Convertible Debentures (OCDs).
The company plans to raise up to ₹35 crore through listed, secured, rated, redeemable NCDs on a private placement basis. Additionally, it will issue unlisted, secured, redeemable, and optionally convertible debentures (OCDs) aggregating up to ₹25 crore on a private placement basis. These OCDs are convertible into equity shares.
The Board also approved an alteration to the Articles of Association to insert a new Article 131A concerning the appointment of an observer by debenture trustees.
An Extraordinary General Meeting (EGM) has been scheduled for Thursday, April 16, 2026, at 11:00 AM IST, to seek shareholder approval for the preferential issue of OCDs and the alteration of the Articles of Association. The cut-off date for determining shareholders eligible to vote at the EGM is April 9, 2026.
Furthermore, the Board has given in-principle approval for the sale, transfer, or disposal of land located at the company's Ludhiana Unit. This decision follows the earlier intimation on March 10, 2025, regarding the closure of operations at this unit and monetization of the land. The sale is part of the company's strategy to repay outstanding liabilities and fund future growth initiatives. Shareholder approval will be sought through a postal ballot for this land disposal, which is expected to be completed within the next six months. The buyer(s) will not belong to the promoter or promoter group.
The Board meeting commenced at 5:00 PM and concluded at 6:15 PM on March 19, 2026.
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Vardhman Polytex Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. 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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