Outcome of board meeting of Shalimar Paints

The  board of Shalimar Paints at its meeting held on 12 August 2026 has approved the following:

1. To increase authorised share capital from Rs 20 crore to Rs 600 crore by way of increase in equity share capital.

2. To add on-Cumulative Non-Participating Compulsory Convertible Preference Shares (CCPS) amounting to Rs. 400 crore divided into 200 crore preference shares of Rs 2 each having coupon rate of 0.001% in authorised capital clause of the Memorandum of Association of the company.

3. To raise funds through issue of  up to 1,24,54,608 equity shares of Rs 2 each at an issue price of Rs 85 per share (including premium of Rs 83) aggregating to Rs 105.86 crore on preferential basis.

4. To raise funds (for consideration other than cash) through issue of up to  41,70,21,987 equity shares of Rs 2 each at an issue price of Rs 85 per share (including premium of Rs 83) aggregating to Rs 3,544.68 crore on preferential basis.

5. To raise funds (for consideration other than cash) through issue of up to  81,12,02,664 CCPS of Rs 2 each at an issue price of Rs 85 per share (including premium of Rs 83) aggregating to Rs 6,895.22 crore on preferential basis.

6. Approved proposal for raising of funds through Qualified Institutions Placement in upto Rs 1,000 crore.

7. Investment in equity shares and CCPS of Hella Infra Market through a Swap ratio based on valuation report of the company and Hella Infra Market where in subsequently Hella Infra Market may become unlisted material subsidiary of the company.