Visagar Polytex Board Approves Capital Restructuring and Preferential Issue
Visagar Polytex's Board approved a capital restructuring including share capital reduction and consolidation (100:1 ratio) to write off losses. They also approved a preferential issue of 3 crore equity shares and 3 crore warrants to raise capital. The 43rd AGM is scheduled for September 30, 2026. Ms. Riddhi Kishor Trivedi appointed as new Statutory Auditor.
The capital restructuring, including share consolidation and preferential issue, along with auditor changes, are material events that can significantly impact the company's financial health and investor perception.
The company is undertaking significant restructuring and capital infusion, which is generally viewed positively as a step towards revival and future growth.
Visagar Polytex Limited announced the outcome of its Board Meeting held on September 7, 2026. The Board approved and took on record a valuation report dated September 4, 2026, from Mr. Bhavesh M Rathod, Registered Valuer, and a Fairness Opinion dated September 7, 2026, from M/s Navigant Corporate Advisors Limited, SEBI Registered Category I Merchant Banker.
Furthermore, the Board approved a Draft Composite Scheme of Arrangement. This scheme includes the reduction of the company's issued, subscribed, and paid-up equity share capital under Section 66 of the Companies Act, 2013, to write off accumulated losses and adjust the Share Forfeiture Account. Following the reduction, the consolidated equity shares will have their face value restored to Re. 1/- per share. The scheme also involves the infusion of fresh capital through a preferential issue of equity shares and warrants.
The Board also approved the Notice convening the 43rd Annual General Meeting (AGM) scheduled for Wednesday, September 30, 2026, at 11:00 a.m. at “Vyanjan Banquet Hall” in Mumbai. The Annual Report for the Financial Year 2025-26, including the Management Discussion and Analysis Report and Directors’ Report, was also approved.
In a significant change, the Board took note of the resignation of M/s. Bhatter & Associates, Chartered Accountants, as Statutory Auditors. Ms. Riddhi Kishor Trivedi, Chartered Accountant, has been appointed as the new Statutory Auditor to fill the casual vacancy, subject to member approval at the AGM. She will hold office until the conclusion of the AGM and thereafter from the conclusion of the 43rd AGM until the conclusion of the 48th AGM.
The restructuring aims to rationalize the company's paid-up capital, write off accumulated losses, present a true financial position, simplify the share capital structure, and facilitate capital infusion for future growth. The preferential issue includes 3,00,00,000 equity shares and 3,00,00,000 warrants, with a total value of ₹3,00,00,000 for shares and ₹3,00,00,000 for warrants (with 25% payable upfront). The object of the issue is to strengthen the company's financial position, improve net worth, provide a sustainable capital structure, and facilitate future business growth as part of the company's revival plan. The meeting commenced at 5:30 p.m. and concluded at 10:30 p.m.
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Visagar Polytex Limited filed this with the NSE as a statutory disclosure, categorised under restructuring. 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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