Shalimar Paints Appoints New CFO, Approves Major Fundraise

Shalimar Paints Ltd announced a significant board meeting on August 12, 2026, where Mr. Kundan Sangwar was appointed as the new Chief Financial Officer. The board also approved several key financial decisions, including the Unaudited Financial Results for the quarter ended June 30, 2026. A substantial increase in authorized share capital from ₹20 crore to ₹600 crore was approved, along with the addition of Non-Cumulative Non-Participating Compulsory Preference Shares. The company plans to raise funds through various preferential issues totaling over ₹4,600 crore, including cash and non-cash considerations, and a Qualified Institutions Placement of up to ₹1,000 crore. Additionally, an investment in Hella Infra Market Limited was approved, potentially leading to it becoming an unlisted material subsidiary and exploring future unification.