Solve Plastic Products Board Approves Variation in IPO Utilisation and Postal Ballot Notice

Solve Plastic Products Limited (formerly known as Solve Plastic Products Pvt Ltd) convened a Board of Directors meeting on May 15, 2026, commencing at 12:00 PM and concluding at 3:30 PM. The meeting, held pursuant to Regulation 30 and 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, resulted in the approval of several significant resolutions pertaining to the company's IPO proceeds and property matters.

Key Resolutions Approved

Based on recommendations by the Audit Committee, the board discussed and passed multiple resolutions. The following table summarises the key decisions taken at the meeting:

Resolution: Details IPO Object Variation: Variation in the objects of the initial public offer (IPO) for change in objects Postal Ballot Notice: Approval of postal ballot notice for seeking shareholders' approval for variation in utilisation of IPO proceeds Scrutinizer Appointment: Caesar Pinto John & Associates LLP (CPJ) appointed as scrutinizer for e-voting and submission of report Cut-off Date: May 15, 2026, fixed as cut-off date for determining eligibility of equity shareholders to vote via postal ballot E-Voting Period: Postal ballot e-voting open from May 22, 2026 to June 20, 2026 Property Sale: Approval for sale of immovable property as stated in the resolution

IPO Proceeds Variation and Shareholder Voting

The board approved a variation in the utilisation of IPO proceeds, a matter that will now be put before shareholders for their approval through a postal ballot process. The cut-off date for determining the eligibility of equity shareholders to participate in the e-voting has been fixed at May 15, 2026. The e-voting window under the postal ballot will remain open from May 22, 2026 to June 20, 2026, allowing shareholders adequate time to cast their votes electronically.

Caesar Pinto John & Associates LLP (CPJ) has been appointed as the scrutinizer responsible for overseeing the e-voting process and submitting the requisite report in respect of the postal ballot conducted by the company.

Sale of Immovable Property

In addition to the IPO-related resolutions, the board also granted approval for the sale of an immovable property, as detailed in the respective resolution passed during the meeting. The announcement was made by Divya Ajanthakumari, Company Secretary & Compliance Officer of Solve Plastic Products Limited.

Bharat Aluminium Company Limited (BALCO), a subsidiary of Vedanta Aluminium, has marked a significant milestone in India's aluminium industry by producing the first metal from the country's largest 525 kilo Ampere (kA) smelter at its Korba plant in Chhattisgarh. This achievement not only sets a new benchmark in Indian aluminium production but also propels BALCO into the prestigious global 'Million Tonne Club'.

Record-Breaking Smelter Capacity

The newly commissioned 525 kA smelter surpasses the previous Indian record of 378 kA, showcasing BALCO's commitment to technological advancement and increased production capacity. This development is part of BALCO's ambitious expansion project aimed at reaching a production capacity of one million tonnes per annum (MTPA).

Expansion Details

The expansion project includes the following key points:

New potline capacity: 0.435 MTPA

Total aluminium production capacity: 1.00 MTPA

Contribution to India's total aluminium production: Over 20%

Impact on Vedanta Aluminium

BALCO's expansion has significant implications for its parent company, Vedanta Aluminium:

Vedanta Aluminium's total capacity increase: To 2.80 MTPA

BALCO's position: Key contributor to Vedanta's aluminium portfolio

Collaborative Effort

The successful implementation of this project was made possible through collaboration with several industry leaders:

Larsen & Toubro

ABB

Siemens

Guiyang Aluminium Magnesium Design & Research Institute

Industry Significance

This development is noteworthy for several reasons:

Technological Advancement: The 525 kA smelter represents a significant leap in India's aluminium smelting technology.

Production Capacity: BALCO's entry into the 'Million Tonne Club' strengthens India's position in the global aluminium market.

Economic Impact: The increased production capacity is likely to boost employment and contribute to the local and national economy.

Conclusion

BALCO's achievement in commissioning India's largest aluminium smelter marks a pivotal moment in the country's industrial landscape. As the company ramps up production to its full capacity, it is poised to play a crucial role in meeting the growing demand for aluminium both domestically and internationally.

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