OnEMI Technology Solutions IPO allotment date likely today....
Source: Livemint
06 May 2026
Pakka Limited has submitted a corrigendum to the notice of its Extraordinary General Meeting (EGM) scheduled for Tuesday, May 5, 2026, at 05:00 P.M. (IST), to be held through Video Conferencing (VC) / Other Audio-Visual Means (OAVM). The submission was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The corrigendum provides clarifications and additional disclosures in respect of Item Nos. 2 and 3 of the EGM Notice dated April 7, 2026, and is available on the company's website at www.pakka.com , as well as on the websites of BSE Limited and the National Stock Exchange of India Limited.
Jagriti Project: Scope and Phased Implementation
The corrigendum introduces a detailed clarification on the "Jagriti Project," described as the company's ongoing capital expenditure programme at its existing manufacturing facility. The project encompasses capacity expansion, upgradation of existing facilities, and strengthening of integrated operations. The components of the Jagriti Project include:
Installation of a new paper machine (PM-4) for the manufacture of paper and packaging products
Upgradation and debottlenecking of existing paper machine(s), including PM-3
Expansion and modernization of pulp mill and allied processing facilities
Installation of captive power generation facilities along with associated utilities
Development of chemical recovery, evaporation and related process systems
Upgradation of effluent treatment plant (ETP), utilities and other supporting infrastructure
The Jagriti Project is being implemented in a phased manner at the company's existing manufacturing location and constitutes a composite project involving capacity expansion as well as technological upgradation and backward integration. The three phases are structured as follows:
Phase I: Upgradation of existing facilities, including pulp mill, paper machine(s) and utilities, along with initial civil and infrastructure works
Phase II: Installation and commissioning of new plant and machinery, including PM-4, power plant and chemical recovery systems
Phase III: Integration of all units, trial runs, stabilization and commencement of commercial operations
Certain components, including the upgradation of existing facilities, have already been completed or commissioned, while the balance components are under various stages of implementation.
Utilisation of Preferential Issue Proceeds
The corrigendum replaces the utilisation table in Para 2 of the explanatory statement to Item Nos. 2 and 3, providing a revised breakdown of funds to be raised through equity shares and warrants. The total estimated amount proposed to be utilised is Rs. 1,29,91,00,000, as detailed below:
Sr. No.: Particulars Mode Tentative Timelines Total Estimated Amount (Rs.) 1. Investment in Jagriti Project Equity Shares Within 18 months from date of receipt of funds, towards capex and project mobilization 29,92,00,000 2. Investment in Jagriti Project Warrants 25% on allotment (initial capex/mobilization within 18 months); balance 75% on exercise by allottees (phased deployment within 18 months) 99,99,00,000 Total 1,29,91,00,000
Pricing Clarification and Supporting Documents
The corrigendum also adds a clarification in Para 4 of the explanatory statement to Item Nos. 2 and 3, stating that the equity shares of the company are frequently traded on the stock exchanges in terms of Regulation 164 of the SEBI (ICDR) Regulations, 2018. Additionally, the corrigendum provides direct weblinks for the Practicing Company Secretary's certificate — certifying that the preferential issue is being made in accordance with the SEBI (ICDR) Regulations — and the valuation report obtained in compliance with applicable provisions of the SEBI (ICDR) Regulations.
Key Notes on the Corrigendum
The corrigendum, signed by Sachin Kumar Srivastava, Company Secretary & Legal Head, carries the following stipulations:
The corrigendum forms an integral part of the EGM Notice and must be read in conjunction therewith
All other contents, terms, and conditions of the EGM Notice dated April 7, 2026, remain unchanged
The corrigendum and updated EGM Notice are available on the company's website at www.pakka.com and on the websites of BSE Limited and the National Stock Exchange of India Limited
The document was signed and submitted from Ayodhya on May 5, 2026.
Pakka Limited has scheduled an extraordinary general meeting (EGM) for May 5, 2026, at 05:00 PM IST to be conducted through video conferencing. The meeting will address significant corporate restructuring initiatives including authorized share capital enhancement and substantial fundraising through preferential securities issuance.
Authorized Share Capital Enhancement
The company proposes to increase its authorized share capital substantially to facilitate upcoming business requirements and fundraising activities.
Parameter: Current Structure Proposed Structure Total Authorized Capital: INR 60,05,00,000 INR 1,00,00,00,000 Equity Shares: 5,60,50,000 shares of INR 10 each 9,60,00,000 shares of INR 10 each Preference Shares: 4,00,000 shares of INR 100 each 4,00,000 shares of INR 100 each Additional Equity Creation: - 3,99,50,000 shares
The proposed increase requires shareholder approval under Section 61 of the Companies Act, 2013, and consequential amendment to the Capital Clause of the Memorandum of Association.
Preferential Securities Issuance
The company seeks approval for a comprehensive preferential issue aggregating INR 129,91,00,000 comprising equity shares and convertible warrants to fund the Jagriti Project expansion.
Convertible Warrants to Promoter Group
Details: Specifications Allottee: Yash Agro Products Limited Number of Warrants: 90,90,000 Issue Price: INR 110 per warrant Total Value: INR 99,99,00,000 Conversion Period: 18 months from allotment Status: Promoters' Group category
The warrants carry conversion rights into equivalent fully paid-up equity shares of INR 10 face value each. Warrant holders must pay 25% of the issue price upfront, with the balance 75% payable during conversion.
Equity Shares to Non-Promoters
The company will allot 27,20,000 fully paid-up equity shares to Alternative Investment Funds managed by Neo Alternative Asset Managers Private Limited.
Fund Name: Shares Allocated Neo Special Credit Opportunities Fund: 10,88,000 Neo Special Credit Opportunities Fund II: 13,61,904 Neo Special Credit Opportunities Fund II A: 1,95,840 Neo Credit Opportunities Fund I: 74,256 Total Equity Shares: 27,20,000 Issue Price: INR 110 per share Total Value: INR 29,92,00,000
Jagriti Project Expansion
The fundraising supports the ongoing Jagriti Project at the Ayodhya Plant, which has experienced scope expansion and timeline adjustments since initial approval.
Project Component: Specifications New Paper Machine (PM-4): 100 TPD capacity PM-3 Enhancement: 70 TPD to 80 TPD capacity Pulp Mill Augmentation: 135 TPD to 175 TPD capacity Additional Power Plant: 15 MW installation Revised Project Cost: INR 750 crores Extended COD: August 1, 2026
The project cost revision from INR 675 crores to INR 750 crores and four-month delay reflects technical adjustments in machinery and infrastructure requirements.
Pricing and Regulatory Compliance
The issue price of INR 110 per security complies with SEBI ICDR Regulations floor price requirements. The relevant date for pricing determination is April 2, 2026, being 30 days prior to the EGM date.
Pricing Parameter: Value 90-day VWAP: INR 94.21 10-day VWAP: INR 86.43 Registered Valuer Price: INR 109.13 Final Issue Price: INR 110.00
Care Ratings Limited has been appointed as the monitoring agency to oversee fund utilization, given the issue size exceeds INR 100 crores.
Shareholding Impact
Post-issuance, assuming full warrant conversion, the promoter group shareholding will increase from 41.65% to 49.00%, while maintaining compliance with minimum public shareholding requirements. The preferential issue will not result in change of control but will strengthen the company's capital structure for expansion activities.
Shareholders can participate in the virtual meeting through NSDL's e-voting platform, with remote e-voting available from May 2-4, 2026. The cut-off date for voting eligibility is April 30, 2026.
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