Midland Polymers Acquires 70% of JMRCLEAN Energy, Allots Shares

Midland Polymers Ltd announced that its Board of Directors has approved the acquisition of 70% shareholding in JMRCLEAN Energy Private Limited through a share swap. The company allotted 73,78,350 equity shares of Rs. 10 each at Rs. 10 per share as non-cash consideration to JMRCLEAN's shareholders. Additionally, the Board approved a preferential allotment of 79,73,518 equity shares for cash consideration and the allotment of 91,00,000 convertible warrants, both at Rs. 10 per share, to non-promoter public categories. JMRCLEAN Energy is an EPC and energy-generation company specializing in renewable power with a significant order book.